The Ministry of Oil announced that Iraq won the arbitration case in the case of exporting oil through Turkey, welcoming the decision of the Arbitral Tribunal of the International Chamber of Commerce in Paris.
It said in a statement, “It welcomes the decision of the final ruling in favor of Iraq in the arbitration case filed by the Republic of Iraq against the Republic of Turkey for its violation of the provisions of the Iraqi-Turkish pipeline agreement signed in 1973, which stipulates” that the Turkish government must comply with the instructions of the Iraqi side regarding the movement of exported crude oil from Iraq to all storage and disposal centers and the final station.
The Ministry expressed its appreciation for the efforts of the Arbitral Tribunal of the International Chamber of Commerce in Paris for its professional handling of the lawsuit filed by Iraq, by providing the opportunity and time for the two parties to defend their positions, especially since the decision requires all parties to respect international agreements and covenants in this regard, indicating that the Ministry of Oil through the Iraqi Oil Marketing Company “SOMO” is the only entity authorized to manage export operations through the Turkish port of Ceyhan.
It stressed, “The depth of the good historical relations that bind Iraq with Turkey, and that the decision of the arbitral tribunal does not constitute an obstacle to the development and expansion of bilateral relations in a way that achieves common interests while Iraq retains its constitutional powers and sovereignty over all its wealth.”
It explained, “It will discuss the mechanisms of exporting Iraqi oil through the Turkish port of Ceyhan with the concerned authorities in the region and with the Turkish authorities, according to new data after the issuance of the final ruling by the Arbitral Tribunal in Paris, in a manner that guarantees the continuity of oil exports, and the fulfillment of SOMO’s obligations with international companies, through the port of Ceyhan, in the interest of the Ministry to export the full quantities allocated from all oil fields, including the region, with the aim of maximizing financial revenues, to supplement the federal budget.
The Ministry of Oil praised “the distinguished efforts of the International Legal Advisory Office and the Ministry’s Legal Committee in defending Iraq’s rights to manage its oil wealth and the Ministry of Oil’s possession of its constitutional powers and authorities, for their serious efforts over the past years in order to achieve justice and restore Iraq’s legitimate rights in order to preserve its security and sovereignty.” /End
Source: National Iraqi News Agency
