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ERBIL, Kurdistan Region -  Italian Ambassador to Iraq Maurizio Greganti on Tuesday said that it is “very important” for the Kurdistan Region to be allowed to resume its oil exports months after the process was suspended due to an arbitration case between Ankara and Baghdad. 

He said that it is “very important” to allow the resumption of the Kurdistan Regional Government’s oil export, “it is a very important source of income for the KRG and for Iraq as well,” the top Italian diplomat told Rudaw’s Payam Sarbast. 

“It is the question of political agreement among the parties concerned and I think in this regard the incoming visit of President Erdogan to Baghdad, to Iraq will be very important,” he added. 

Oil exports through the Iraq-Turkey pipeline have been halted since March 23 when a Paris-based arbitration court ruled in favor of Baghdad against Ankara, saying the latter had breached a 1973 agreement by allowing Erbil to begin independent oil exports in 2014. 

The lack of oil flow has incurred around $6 billion of losses towards the Kurdish and Iraqi governments since March. 

“This is a very important issue which has to be settled,” Greganti noted. 

He said there should be a general agreement in this regard. 

Earlier in the day, the ambassador met with  Kurdistan Region Prime Minister Masrour Barzani, discussing bilateral relations between the Kurdistan Region and Italy as well as ongoing issues between Baghdad and Erbil over the Region’s financial entitlements within the budget law. 

“Both parties emphasised the importance of resolving these matters, particularly concerning the financial entitlements of the Kurdistan Region and the salaries of its public sector employees, in accordance with the Iraqi constitution and budget law,” read a statement from Barzani’s office.

Https://www.google.com/amp/s/www.rudaw.net/english/kurdistan/101020235-amp

We all know they need it. Turkish president visit. Résolution to be reached soon.

Https://m.youtube.com/watch?v=YKK5R-qQN5U

Here to all those waiting... :0)

ST

Lots of guessing and ifs here, and I join you with my 2pc.

What about there's the money, it was just sitting on a foreign account somewhere?

What about they borrow the money?

What about Turkey pays some of what the owe?

What about a deal with government and IOC is struck so oil flows and we give you a bigger slice of the pie instead till you get the 1 billion?

Just some ideas you may consider?

St

Actually, I kind of like the 123 as a new floor till we get the news we all want. It's too hot now for us to drop the cake, Mr. I will not sell now, not even if there is no news tomorrow at 0800. As you know, news can come at any time during the day, and one doesn't want to find out that your pants are down at that moment, do you, mr? ;0)

Iraq and Kurdish governments are very busy now in meetings to get the ball rolling in the coming days. The world needs that pipeline flowing everything it can, and the pressure is ON. Pun intended.

ST

Yeap, like a freaking octopus!

"You scratch my back" kind of scenario.

More than ever now that this extra oil source for the international markets is "freed" by the Turkish government and Iraq needs the revenue. The pressure is on to get it flowing so the 1 billion must materialise to make it happen. Great posts JLM.

Https://www.qcintel.com/article/iraq-lifts-basrah-light-osp-for-asia-premium-at-2-10-b-17609.html

My guess, a bit of both? :0)

Ignore last message. Apologies. Can't delete it. :0/

Https://www.reuters.com/world/middle-east/baghdad-krg-yet-reach-deal-resume-oil-exports-iraqi-oil-minister-2023-05-03/

..was anything in this article we weren't aware?

Show me the money! Shown me the money!!

Https://www.investorschronicle.co.uk/ideas/2023/10/06/why-i-m-waiting-in-the-wings-for-a-gulf-keystone-turning-point/

StrayCat,

Of course the arrears are important to GKP and I am almost certain those chaps have some sort or arrangements lined up. We cannot forget the fact that we are talking about sovereign powers of some sort here, and they will have that oil flowing. We aren't dealing with some private business dealings, but the national interest of those nations and 1 billion is chicken feed.

Let's wait for next week.

Ok, the lads are calling here. Got some business to discuss under a lot of beer and smokes. Have a good weekend.

ST

My Turkish contacts told me this. I hope you can make sense:

Expected ships in Ceyhan Vessel

Oct 7, 07:00

SEAJEWEL

Crude Oil Tanker

Oct 7, 09:30

LUCKY SAILOR

Chemical/Oil Products Tanker

Oct 8, 06:30

ROZA

Bulk Carrier

Oct 9, 07:00

SEASONG

Crude Oil Tanker

Oct 10, 07:00

DIAMONDWAY

Crude Oil Tanker

Good weekend all.

ST

JakelaMotta,

APIKUR is there to jointly protect the IOC under its umbrella. I think the BoDs of individual companies are very much aware if they don't remain united here, they will be targets of similar tactics in the future, so I am pretty sure there would be no cracks. The country need IOC expertise and FDI, so they ought to respect the arrears, otherwise, who would invest there in the future?

All the best

ST

Belgrano,

I wish you good luck with your ISA. Mine are in an ISA as well. Now it is just.. He waits. It that he does. "Tick follows tock follows tick follows tock follows tick" 

Ok, I need to get my beer and head for the garden. Damn, it's sunny but way too chilly here in France. Enjoy the weekend mate. I will. :0)

ST

So, looking at my charts we reached the highest trading volume since post crash 2020. ..and with majority buying. Interesting, isn't it. Lot's of shares trading hands. And we know what happened to the share price after that.

Good luck all holders.

ST

Belgrano,

I agree, but I have no doubts the arrears will be paid to IOCs shortly, as Akipur stated their demands. Not to have the oil flowing next week is, in my humble opinion, not an option. An arrangement should be reached shortly, if not already in words. Turkey was the biggest obstacle and appears to have been surpassed.

For those of us holding, the weekend has far too many days. Just think of it, both Iraq and Turkey, not to mention other powers, want this oil to flow, so I am almost certain a compromise with Akipur will be reached sooner than most pessimists on this board believe.

At the end of the day ia that the nightmare of GKP not making money seems to be close to the end. 115p, the current sp, will soon to be history and I am in, so I don't much care if it may take a few days or a couple of weeks for us to reach new heights. I am not a day trader, but a tactical investor and I am happy to be in just a day before Turkey became a positive element to the equation. Patience is the word for me.

Good luck, mate.

ST