If Erbil-Baghdad deal provides better environment for Russian energy companies, it would be welcomed: Russian senator  

ERBIL (Kurdistan 24) – The recent deal between Erbil and Baghdad to resume Kurdish oil export would be welcomed if the agreement brings about a better business climate for Russian companies operating in the country, a member of the Russian senate told Kurdistan 24 on Friday.

Following the arbitration case from the Paris-based International Court of Arbitration, in which Baghdad claimed victory, Turkey halted the Kurdistan Region’s 400,000 barrels per day of crude oil to a pipeline to its Ceyhan port on March 25.

Prime Ministers Masrour Barzani and Mohammed Shia’ Al-Sudani on Tuesday last week supervised the signing ceremony of several agreements to resume the export through the Iraqi oil marketing company, known as SOMO. The deal has been widely welcomed by allies and partners of Erbil and Baghdad.

“If the Erbil-Baghdad deal brings about a better environment for Russian companies, it would be warmly welcomed,” Andrey Klimov, the Deputy Chair of the Federation Council (Senate) Committee on Foreign Affairs, told Kurdistan 24. 

The lawmaker said that Russian companies seek to operate abroad with maximum security and stability, adding his country has plans to enhance its relations with Baghdad.

Several Russian companies (Rosneft, Gazprom, and Lukoil) are operating in the energy sector of the Kurdistan Region and Iraq. 

Despite the agreement, oil exports have yet to be resumed by Turkey. Kurdistan Region’s oil export constitutes 0.5 percent of the global supply, the loss of which had reached prices of $86 per barrel.