Bilateral Relations

Iraq to pay compensation to Türkiye over KRG oil exports arbitration case 

by Daily Sabah

The International Chamber of Commerce (ICC) ordered Iraq to pay compensation to Türkiye over an arbitration case relating to oil exports from the Kurdistan Regional Government (KRG)-area via Türkiye, said the Energy Ministry on Tuesday.

The ministry released a statement after Iraq’s oil ministry on Saturday said that the ICC had ruled in its favor in the case. The Turkish statement said the ICC had recognized a majority of Türkiye’s demands, without specifying the compensation amount that Iraq had been ordered to pay.

“Türkiye has always respected the unity and territorial integrity of Iraq and has been working relentlessly for the political and economic stability of both Iraq and the region,” the ministry said, adding that Ankara has always acted responsibly in international energy projects.

Noting that the members of the Arbitral Tribunal rejected four of the five claims made by Iraq, the ministry said they accepted most of Ankara’s claims and ordered Iraq to pay a compensation amount to Türkiye.

Read the full story on Daily Sabah

Daily Sabah
Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button