Ashti Hawrami

Iraq's Kurdistan Regional Government (KRG) has increased the loans guaranteed by future oil sales to $3 billion in new deals with trading houses and Russian state oil firm Rosneft aimed at strengthening its fiscal position as the semi-autonomous region fights Islamic State of Iraq and the Levant (ISIL). 

Iraq's Kurdistan Regional Government (KRG) plans to export 10 billion cubic meters (bcm) of natural gas to Turkey over the next two years, KRG Natural Resources Minister Ashti Hawrami has stated.

"Over the next two years, we plan to export around 10 bcm gas to Turkey, but this target may be extended to 2019," Hawrami said on Nov. 20, as quoted by Reuters. 

Turkish Energy Minister Taner Y?ld?z said on March 26 oil deliveries from Iraq via Turkey since the beginning of last year have now totaled some 47 million barrels, worth about $3 billion.

To date, 57 tankers with loaded crude have shipped to Turkey from Iraq, Y?ld?z told reporters at a news conference, as quoted by Reuters.

Deals regarding Iraqi oil were some of the most significant developments in the last year for Turkey's economy.

Iraqi Kurdistan plans to strengthen its relationship with Iran, the prime minister of the semi-autonomous region said yesterday in an acknowledgement of the deepening ties between Arbil and Tehran.

Senior officials from the Kurdistan Regional Government (KRG) are expected to pay a visit to Turkey July 14 to receive the sale revenues from oil exports.

Northern Iraq, one of the most oil-rich regions in the world, faces a fuel shortage after militants from the Islamic State (IS), formally known as the Islamic State of Iraq and the Levant (ISIL), overran large parts of the country, including a key refinery.

Kurds will not surprise Turkey with the establishment of a possible independent state, according to Kurdistan Regional Government (KRG) Natural Resources Minister Ashti Hawrami.

Iraq’s self-ruling Kurds outlined plans to swiftly ramp up oil exports now that their forces have seized control of Iraq’s main northern oil fields.

Kurdish Natural Resources Minister Ashti Hawrami told Reuters the Kurds had plans to increase their exports eight-fold by the end of 2015, including pumping oil from the fields taken by Kurdish fighters two weeks ago.