Iraqi Kurds plan oil sale from Turkish port

Jan. 9, 2014 at 7:13 AM
share with facebook
share with twitter
Sign up for our Energy newsletter

ERBIL, Iraq, Jan. 9 (UPI) -- The semiautonomous Kurdish government in northern Iraq said it expected to make its first official sale of crude oil produced in its territory by month's end.

The Ministry of Natural Resources in the Kurdish government said it was proceeding with plans for the sale of crude oil delivered from its territory to the Turkish port of Ceyhan.

The ministry said the first parcel of 2 million barrels of oil will be sold by the end of January.

"Thereafter, monthly parcels will increase to 4 million barrels by the end of February and 6 million by the end of March, then steadily stepping up to 10 [millions] -12 million barrels for the month of December 2014," the ministry said in a statement Wednesday.

The Kurdish and central government in Baghdad are at odds over who controls what aspects of the oil sector. The Iraqi central government says unilateral deals with the Kurdistan Regional Government violate national laws.

The Kurdish government said it was inviting "reputable and financially capable companies" to register for the January crude oil sale and other future tenders.

The KRG said prospective buyers could secure crude oil from Ceyhan under arrangements similar to those made with the Iraqi State Oil Marketing Organization.

Related UPI Stories
Trending Stories