+44(0) 800 772 3004
marketing@ziyen.com

Baghdad to Enforce Court Order on Kurdish Production

Iraq will enforce a court ruling to give federal authorities control of Kurdish production. Meanwhile, the Central Bank of Iraq allots USD 682 million for renewable energy.

Following failed talks with officials from the semi-autonomous region, Iraq announced it will begin enforcing a court order giving federal authorities control of Kurdish production, as per Bloomberg's report on Sunday.

After 75 days of talks, Iraqi Oil Minister Ihsan Abdul Jabbar announced during a round-table conference with officials from the Iraqi National Oil Company that the Iraqi Oil Ministry and the Kurdistan Regional Government had not reached an agreement on oil output and exports.

Baghdad's central government has long claimed the right to oversee Kurdistan's resources, which has been independently pumping and selling oil.

In February, the country's top court declared that the Oil Ministry is the sole authority over all oil operations.

They are now taking steps to put this ruling into effect, although the minister admits that it will not be so simple.

 

In Other News:

 

The Central Bank of Iraq has allocated IQD 1 trillion (USD 682.2 million/EUR 629.1 million) to encourage the development of renewable energy, according to the bank's deputy governor Ihsan Al-Yasiri.

At a renewable energy forum, Al-Yasiri claimed that the Central Bank has been working with the Ministry of Environment to encourage renewable energy and a green economy in Iraq, and that work on forming a committee for renewable energy has begun. According to Al-Yasiri, the loans that will be issued as part of the program would only include administrative fees.

The plan was announced in a statement made by the Association of Iraqi Banks after the forum, which was attended by environment minister Jassim Al-Falahi, the Investment Authority's head Suha Al-Najjar, and other government officials, in addition to Al-Yasiri.

Al-Najjar expressed the Investment Authority's support for renewable energy projects, noting that the government has inked agreements with foreign corporations to build 7.5 GW of solar power.

Al-Najjar also emphasized that the Central Bank has supplied the necessary funding and urged local and foreign investors to participate in the bank's solar plant-building program.

Categories

Read more news like this