MOL Group signs agreement to resume oil exports from Iraqi Kurdistan

The MOL Group has signed an agreement that will enable the resumption of international crude oil exports from the Kurdistan region of Iraq.

According to Bloomberg, the agreement provides for transport via a pipeline to the Turkish Mediterranean port of Ceyhan. Oil exports via this route had been suspended for more than two years.

Deliveries were halted after Turkish authorities suspended transport following an arbitration court ruling ordering the payment of $1.5 billion in compensation to Iraq.

The agreement was concluded between the Kurdistan Regional Government, the Iraqi central government, and several oil companies, including MOL Group (Slovnaft). Oil exports are expected to resume in the coming days at a volume of up to 230,000 barrels per day following formal signing and ratification.

This agreement represents an important step toward resolving the long-standing conflict between Baghdad and the Kurdistan Regional Government and restoring a stable supply of oil from this strategic region to the market.

(reuters, sie)