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12/9/2017, 5:24 PM (Source: TeleTrader)
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Iraq, Iran sign deal to transport oil from Kirkuk

The Iraqi Oil Marketing Company (SOMO) has signed a contract with Iran in order to export crude oil from Kirkuk oil fields, local Kurdish media reported on Saturday, citing a statement from the Iraqi oil ministry. “The agreement between Iraq and Iran means that Iraq will export oil from the Kirkuk fields to Iran at the rate of 30-60 thousand barrels per day through oil tankers until the completion of the oil pipeline” the statement said.

Until October 2017, crude oil from Kirkuk has been transferred to the Turkish port of Ceyhan by a pipeline running through the territory which has been controlled by the Kurdistan Regional Government since Kurdish fighters captured the oil-rich area from ISIS. However, the shipments stopped when the Iraqi army, together with Arab Shiite militias, launched an offensive against the Kurds in mid-October, retaking the disputed Kirkuk region after the Kurdish authorities staged an independence referendum in September. However, with the region under its control, the Iraqi government plans to double production from Kirkuk oilfields to a million barrels per day.

Breaking the News / FH