We will not take a risk for Iraqi Kurdistan’s oil

We will not take a risk for Iraqi Kurdistan’s oilThe trade in Iraqi Kurdistan’s oil has reached a deadlock since the central Iraqi government declared that it does not recognize the oil pact signed between the Justice and Development Party (AK Party) and the Kurdistan Regional Government (KRG). Even though Taner YIldIz, Turkish minister of energy and natural resources, portrayed the pact as a success, everyone is aware that an agreement of such scale cannot be maintained with temporary solutions.

After the Islamic State of Iraq and the Levant (ISIL) took control of Mosul’s oil, a possibility emerged that Iraq might be divided in three. Meanwhile, oil is a key issue for developments in the region, as it always has been.

Official figures also verify this. Turkey bought 32 percent of its total oil imports from Iraq.

This means that Iraq is in the top spot for Turkey’s oil demand. Iraqi oil is important for the rest of the world as well.

This is because 9 percent of all oil reserves are located in this country. However, selling Iraqi Kurdistan’s oil to the world is not so easy.

Ko Holding CEO Mustafa V Ko [whose company the government suggested for the business] says he will not make a move until the chaos and uncertainty disappear from Iraq. (TURHAN BOZKURT, ZAMAN.

SOURCE: Today’s Zaman