Official Request from Iraq to Turkey to Resume Oil Pipeline Operations

Iraq sent an official request to Turkey today, Thursday, to resume pumping oil exports through a pipeline that extends from the Kurdistan region of Iraq in the north to the Turkish port of Ceyhan, according to three sources speaking to Reuters, after a closure that lasted nearly seven weeks. Four sources indicated that Iraq's request came after traders who purchase crude from the Kurdistan region signed contracts with the Iraqi government's oil marketing company (SOMO) on Tuesday and Wednesday following weeks of discussions. Three sources confirmed that the Kurdistan regional government agreed for SOMO to market its crude oil. The export revenues will be deposited into a bank account for the Kurdistan regional government at Citibank in the UAE. SOMO was also compelled to enter into contracts with crude buyers from the Kurdistan regional government. One of the sources stated, "The recently signed contracts last up to three months but do not address the enormous debts owed by the Kurdistan regional government to trading companies."