The restart of the Iraqi-Turkey pipeline faced further delays as Turkey's presidential election failed on Monday to come up with a clear winner.
The restart of the Iraqi-Turkey pipeline faced further delays as Turkey’s presidential election failed on Monday to come up with a clear winner.
The country is headed for a runoff election after Turkey’s President Recep Tayyip Erdogan led his challenger Kemal Kilicdaroglu, in terms of votes, but was apparently short of 50% of votes needed to win.Also see: Turkish stocks tumble and dollar reaches new high vs. lira after election stalemate “The Kurdish regional government and the Iraqi Ministry of Natural Resources are waiting for Turkey to respond to the request to reopen the pipeline,” Burkhard told MarketWatch in emailed commentary, but for now, it remains closed.
“Turkey is holding up Kurdistan’s oil exports as a bargaining chip to force the other side to renegotiate the terms of their legal settlement,” said Manish Raj, managing director at Velandera Energy Partners. He said Turkey owes to Iraq $1.5 billion pursuant to an arbitration ruling, but doesn’t want to pay that amount.
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