ShaMaran Petroleum Corp (SNM) 銘柄情報

Turkey to compensate Iraq for stolen Kurdish oil in a scheme that enriched Erdogan’s family

https://nordicmonitor.com/2024/02/turkey-to-compensate-iraq-for-stolen-kurdish-oil-in-a-scheme-that-enriched-erdogans-family/



Turkish taxpayers are facing a substantial financial burden, with a staggering $1.5 billion in compensation coupled with over half a billion dollars in interest owed to the Iraqi federal government. This penalty stems from illicit oil operations, which entailed the transportation and sale of oil from Iraq’s Kurdistan region that was mainly conducted by a company owned by the family of the Turkish president.

On April 10, 2023 Iraq petitioned the US District Court for the District of Columbia to enforce a ruling requiring Turkey to compensate Iraq in the amount of $1.47 billion, stemming from Turkey’s violation of a pipeline agreement in which it was involved in the facilitation of crude-oil exports from Iraq’s Kurdistan region, despite Baghdad’s repeated objections.

Baghdad’s decision to file a lawsuit in the US District Court followed Ankara’s refusal to pay the compensation imposed by the International Chamber of Commerce (ICC) on February 13, 2023.

The penalty arising from the ICC and US federal court decisions is linked to illegal oil transactions orchestrated by Powertrans Petrol ve Enerji Tic. A.S (Powertrans), a company run by Berat Albayrak, the son-in-law of Turkish President Recep Tayyip Erdogan. Despite objections from the Iraqi federal government, the Erdogan administration facilitated the transportation and sale of hundreds of millions of barrels of oil from the Kurdistan Region of Iraq (KRI). This was initially accomplished on land by oil tanker and subsequently via pipelines connecting Iraq’s Kirkuk oilfields to the Turkish port of Ceyhan.

to Ebenezer3: thank you very much for the article by Simon Watkins. This is obviously very bad news for ShaMaran if it is correct. Do you see any chance that Shamaran will retain any of its ownership if this is carried out and Kurdistan is subsumed into Iraq proper and loses its partial autonomy?

Kurdistan Oil Flows Not Expected to Resume Anytime Soon

By Simon Watkins - Feb 06, 2024, 5:00 PM CST

Perhaps no subject in the complex world of global oil involves so many intricate moving parts as the extraordinary relationship between the Federal Government of Iraq (FGI), based in Baghdad, and the government of Iraq's northern semi-autonomous region of Kurdistan (KRG), centred in Erbil. It is only when something such as the suspension of major flows of oil from Kurdistan to Turkey occurs, as began on 25 March 2023, that many analysts start trying to unravel what has caused it. And they find themselves entering an Alice In Wonderland world in which anything is possible, but nothing is as it seems. In this world, it is very easy to lose sight of the wood for the trees sometimes, and this appears to be what has happened in a letter sent by foreign oil firms in Kurdistan to the U.S. Congress asking for help in having the export oil embargo lifted.

Ironically, in fact, it is only towards the very end of the letter from the Association of the Petroleum Industry of Kurdistan (APIKUR) that the group, which largely comprises the oil interests of several foreign firms directly or indirectly, inadvertently hits on the precise reasons why a full, clear, and transparent lifting of the embargo is unlikely to happen soon, if ever. The letter highlights that the halt in exports that affects between 400,000-500,000 barrels per day (bpd) of oil from Iraqi Kurdistan must be lifted because it puts at risk over US$10 billion of U.S. and international investments in Kurdistan and because it is severely impacting the region's economy and stability at a time when regional tensions are already heightened. Bingo!

By keeping the West out of energy deals in Iraq - and closer to the new Iran-Saudi axis - the end of Western hegemony in the Middle East will become the decisive chapter in the West's final demise," said a very high-ranking Kremlin official at a meeting with senior government figures from Iran, just after the 10 March 2023 signing of the Iran-Saudi Arabia relationship resumption deal, brokered by China. The comment was exclusively relayed to OilPrice.com, just before the 25 March oil export embargo from Iraqi Kurdistan by a senior source who works closely with the European Union's energy security apparatus, and we passed it on to our esteemed readers. Nothing whatsoever has changed to modify the view of either the Iraqi central government in Baghdad, or the senior figures in Tehran, Moscow, and Beijing who are helping to implement the 'One Iraq Plan' as it is referred to behind closed doors. If anything, the rising uncertainty in the Middle East emanating from fears of a dramatic escalation in the Israel-Hamas War are serving to expedite key elements of the plan, with the U.S.'s focus on that War.

In essence, the bare mechanics of the 'One Iraq Plan', as broadly delineated by the senior Kremlin figure, are to cut off all sources of external revenue from the government of Iraqi Kurdistan - most significantly from independent oil sales by foreign companies operating there - before absorbing it into the rest of the country, under the sole rule of Baghdad, as analysed in depth in my new book on the new global oil market order. If that is understood, then everything that has subsequently happened in Iraq since the 10 March relationship resumption deal between Iran and Saudi Arabia makes perfect sense. The basic reason for this is that Iraqi Kurdistan has long been regarded by Russia, China, and Iran, as a key U.S. ally in the Middle East, and this will no longer be tolerated, which gives rise to two further choices.

The first is to give Iraqi Kurdistan its independence and sever all links between it and the rest of Iraq. This, though, is not an option on the table for three key reasons. One is that the main northern overland export route into Europe for all of Iraq runs through the Kurdistan region and into Turkey. The original Iraq-Turkey Pipeline (ITP) - controlled by the FGI in Baghdad - consisted of two pipes (a 40-inch one started up in 1977, and a 46-inch one started up in 1987), from the Kirkuk oil fields (also nominally owned by the FGI) on the border of the Iraqi Kurdistan to Ceyhan, which had a combined nameplate capacity of 1.6 million bpd. The FGI-controlled pipeline's export capacity reached between 250,000 and 400,000 bpd when running normally, although it was subject to regular sabotage by various militant groups. The Iraqi Kurdistan's KRG, in response to the regular attacks on the FGI pipeline, completed its own single-side track Taq field-Khurmala-Kirkuk/Ceyhan pipeline in the border town of Fishkhabur. This was part of its drive to raise oil exports above 1 million bpd. Clearly, Baghdad will never give these vital oil export links away.

By keeping the West out of energy deals in Iraq - and closer to the new Iran-Saudi axis - the end of Western hegemony in the Middle East will become the decisive chapter in the West's final demise," said a very high-ranking Kremlin official at a meeting with senior government figures from Iran, just after the 10 March 2023 signing of the Iran-Saudi Arabia relationship resumption deal, brokered by China. The comment was exclusively relayed to OilPrice.com, just before the 25 March oil export embargo from Iraqi Kurdistan by a senior source who works closely with the European Union's energy security apparatus, and we passed it on to our esteemed readers. Nothing whatsoever has changed to modify the view of either the Iraqi central government in Baghdad, or the senior figures in Tehran, Moscow, and Beijing who are helping to implement the 'One Iraq Plan' as it is referred to behind closed doors. If anything, the rising uncertainty in the Middle East emanating from fears of a dramatic escalation in the Israel-Hamas War are serving to expedite key elements of the plan, with the U.S.'s focus on that War.

In essence, the bare mechanics of the 'One Iraq Plan', as broadly delineated by the senior Kremlin figure, are to cut off all sources of external revenue from the government of Iraqi Kurdistan - most significantly from independent oil sales by foreign companies operating there - before absorbing it into the rest of the country, under the sole rule of Baghdad, as analysed in depth in my new book on the new global oil market order. If that is understood, then everything that has subsequently happened in Iraq since the 10 March relationship resumption deal between Iran and Saudi Arabia makes perfect sense. The basic reason for this is that Iraqi Kurdistan has long been regarded by Russia, China, and Iran, as a key U.S. ally in the Middle East, and this will no longer be tolerated, which gives rise to two further choices.

The first is to give Iraqi Kurdistan its independence and sever all links between it and the rest of Iraq. This, though, is not an option on the table for three key reasons. One is that the main northern overland export route into Europe for all of Iraq runs through the Kurdistan region and into Turkey. The original Iraq-Turkey Pipeline (ITP) - controlled by the FGI in Baghdad - consisted of two pipes (a 40-inch one started up in 1977, and a 46-inch one started up in 1987), from the Kirkuk oil fields (also nominally owned by the FGI) on the border of the Iraqi Kurdistan to Ceyhan, which had a combined nameplate capacity of 1.6 million bpd. The FGI-controlled pipeline's export capacity reached between 250,000 and 400,000 bpd when running normally, although it was subject to regular sabotage by various militant groups. The Iraqi Kurdistan's KRG, in response to the regular attacks on the FGI pipeline, completed its own single-side track Taq field-Khurmala-Kirkuk/Ceyhan pipeline in the border town of Fishkhabur. This was part of its drive to raise oil exports above 1 million bpd. Clearly, Baghdad will never give these vital oil export links away.

blessing of Iran, Russia, and China. That has not been given, so there is no reason to expect it to end in any sustainable fashion any time soon. Conversely, however, the move to destroy any last vestiges of Iraqi Kurdistan independence remain in full swing. A clear statement on 3 August last year from Iraq Prime Minister, Mohammed Al-Sudani, highlighted that the new intended unified oil law - run, in every way that matters, out of Baghdad - will govern all oil and gas production and investments in both Iraq and its autonomous Kurdistan region and will constitute "a strong factor for Iraq's unity". As the senior E.U. source reiterated exclusively to OilPrice.com last week: "Baghdad has no interest at all in agreeing to any of Turkey's terms or in Iraqi Kurdistan resuming its independent oil sales either." He concluded: "As Baghdad does not see an independent Kurdistan in the future of Iraq, it sees the best solution as keeping the independent oil sales stopped and the Kurds financially paralysed.

https://oilprice.com/Energy/Crude-Oil/Kurdistan-Oil-Flows-Not-Expected-to-Resume-Anytime-Soon.html#amp_tf=From%20%251%24s&aoh=17072686612191&referrer=https%3A%2F%2Fwww.google.com&share=https%3A%2F%2Foilprice.com%2FEnergy%2FCrude-Oil%2FKurdistan-Oil-Flows-Not-Expected-to-Resume-Anytime-Soon.html

https://www.newswire.ca/news-releases/shamaran-acquires-taqa-interest-in-atrush-and-partners-with-hkn-833907275.html

News Press Releases
ShaMaran Acquires TAQA Interest in Atrush and Partners with HKN
V.SNM | 4 days ago
VANCOUVER, BC, January 22, 2024 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North: SNM) has entered into definitive agreements for a two-step transaction to increase its indirect working interest in the Atrush Block in Kurdistan from 27.6% to 50%, with HKN EnergyIV, Ltd. ("HKNIV"), an affiliate of HKN Energy Ltd. ("HKN"), indirectly acquiring a 25% working interest and operatorship, subject to required approvals. View PDF

Garrett Soden, President and CEO of ShaMaran, commented: "This transaction continues ShaMaran's consolidation strategy in Kurdistan. We are acquiring TAQA's 47.4% interest in Atrush and selling a 25% interest and operatorship to HKNIV. ShaMaran and HKN are already co-venturers in the adjoining Sarsang block operated by HKN. We look forward to working together at Atrush to realize significant synergies on both blocks."

In the first step of the transaction, ShaMaran's wholly-owned Cayman subsidiary, General Exploration Partners, Inc. ("GEP"), entered into an agreement with TAQA International B.V. ("TIBV"), a subsidiary of Abu Dhabi National Energy Company PJSC ("TAQA"), to acquire TAQA Atrush B.V. ("TABV") ("Step 1"). TABV is a Dutch holding company with a 47.4% working interest and operatorship in the Atrush Production Sharing Contract in Kurdistan ("Atrush PSC"). Step 1 is subject to customary closing conditions for a share sale and purchase agreement in the Netherlands and customary stock exchange approvals in Canada.

At closing of Step 1, HKNIV will begin operating Atrush on a fee basis in contemplation of the second step of the transaction. The appointment of HKNIV as operator is subject to review by the Ministry of Natural Resources in Kurdistan.

In the second step of the transaction, TABV will transfer a 25% working interest in the Atrush PSC to GEP2, a new Cayman wholly-owned subsidiary of GEP. In parallel, GEP has entered into an agreement to sell GEP2 to HKNIV for nominal consideration such that HKN IV will hold a 25% working interest and operatorship in the Atrush PSC ("Step 2"). The sale of GEP2 to HKNIV will be subject to approval by the Kurdistan Regional Government ("KRG").

After closing the above transaction steps, the Atrush Block will have the following parties: GEP 50%, HKNIV (through GEP2) 25% and KRG 25%.

About ShaMaran Petroleum Corp.

ShaMaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The Company indirectly holds an 18% working interest (22.5% paying interest) in the Sarsang Block, and, subject to closing the above transaction, will increase its indirect 27.6% working interest in the Atrush Block to 50%. The Company is listed in Toronto on TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market (ticker "SNM"). ShaMaran is part of the Lundin Group of Companies.

Important Information

ShaMaran is obliged to make this information public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact person set out below on January22, 2024, at 5:00a.m. Central European Time.

The Company's certified advisor on Nasdaq First North Growth Market is Arctic Securities AS (Swedish branch), +46844686100, certifiedadviser@arctic.com.

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management. There is no certainty that all conditions to completion in respect of Step 1 will be satisfied or that approval of the KRG for the sale of GEP2 to HKN IV will be obtained.

The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, including results, timing and costs of seismic, drilling and development related activity in the Company's area of operations and, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the development activities, or of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third-party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Time to start buying this one. When the major Shareholder keeps buying more, it's "Pay attention!" time.

SHASF!

$SHASF: Todays volume is rather impressive


Something in the works.


Most volume in 3yrs


500k



We shall see


Now at $0.05

GO $SHASF

http://seekingalpha.com/pr/16495814-shamaran-q1-2016-financial-operating-results

But I guess why the stock went down more. Don't want to wait to 4th quarter for Oil.

This dog just doesn't hunt, time to shoot it?

Paid today, didn't it. nice up tic.

I hope it continues.

Can you see past news on kinematik and futurcash comments? Company has oil reserves, and pipeline to export to turkey .... And last July IRAQ govt control of that export was denied. Shamaran had said in past it would voluntarily give Iraq govt a hefty % of profits, " because it should go to the Iraqi people, since they are Iraqi resources. The pipeline was completed within the last year or so. Check out the 2013 2014 investor relations reports. Unrest in area AND Iraqi govt interference WERE main detractors. Ruling on control of pipeline a big plus... Now, in my opinion, it's the "standard" unrest of the region and OPEC manipulation of oil prices in play. I'm no expert, just an average investor, who believes energy investments pay off.

Can you tell me what you see that is good about it?

or Is it just a gut feeling?

Yes. I'm holding this. May buy more if world oil prices stabilize.

Still holding on?

Auto correct error. Was quick buck... Not bible.

The oil is there. See kinematrik and future cash comments. If you want a quick bible, probably not. But if you want a finger in a confirmed oil in the pipes stock yes.

Anybody got a good reason to hold onto this?

I am thinking about writing it off as a bad idea.

Timber.....or worse.... bottom dropping out.

What a shame, of well least a write off at the end of the year I guess.

That plus price from .33 to .23 and still dropping daily.

I don't know much about the region, but guessing they are shut down or blow up to have such drastic PPS

Why do you say that...? Current wave of turmoil in the region?

Looks like this is doomed!

http://www.bbc.com/news/world-middle-east-28265064

futr

Some Interesting Kurdistan History-

http://news.nationalgeographic.com/news/2014/06/140628-iraq-kurds-independence-kurdistan-sunni-baghdad/

futr

Sounds like this May start to move on that news... Last year KH said it was worth a buck right then. Wonder what it will be worth by years end?

There was a Major legal decision announced in Iraq---

Regarding Kurdistan's right to sell its oil exported to Turkey...

Anyway the Iraqui Oil Ministry lost its case claiming control over that Oil.

Consequentially All Kurdistan Oil companies had significant moves to the upside-

futr

Wow.. Should read. ... Does someone know something .. Auto correct strikes again.

Pretty good volume.. Foes condone know something???

Good news. Thanks kinematic. Happy Resurrection Day!

http://www.aa.com.tr/en/news/315739--official-northern-iraq-oil-to-flow-through-turkey


Regarding at4 i would say it means that they will suspend it until production facilities are in place and connected to the well.

http://www.iraqoilreport.com/politics/oil-policy/analysis-iraq-turkey-treaty-restricts-kurdistan-exports-12047/

AT-4 has been suspended as a Phase 1 producer. ... I'm thinking it means the appraisal testing is suspended and it is classified as a phase 1 oil producer well.

... What does at-4 has been suspended as a phase 1 producer ? A max 9000 bops looked great.

SHAMARAN ANNOUNCES ATRUSH-4 WELL TESTS RESULTS

April 16, 2014 (TSXV-SNM, OMX First North-SNM)… ShaMaran Petroleum Corp. ("ShaMaran" or the "Corporation") is pleased to report the results of the Atrush-4 appraisal/development well (“AT-4”) drilled in the Kurdistan Region of Iraq.

The AT-4 well was spudded on October 20, 2013 using the DQE31 drilling rig and reached Total Depth of 2916m MD on January 23, 2014. The well was deviated well from the AT-1 well pad with the bottomhole location approximately 2.2 km SE of the surface location.

Three separate cased hole drill stem tests were conducted in the Jurassic reservoir with maximum rates totalling 9059 bopd of 27-28 API from two of the tests. None of the tests produced formation water. Downhole samples for PVT analysis and surface samples for oil assay studies were taken. Well testing operations were completed on April 7, 2014. AT-4 has been suspended as a Phase 1 producer. The drilling rig is now moving to drill the Chiya Khere-5 development well (“CK-5”; 2014 revised well nomenclature) which is expected to spud in May 2014.

The Atrush Block is operated by TAQA Atrush B.V., a subsidiary of Abu Dhabi National Energy Company PJSC which holds a 39.9% working interest in the Block. ShaMaran Petroleum Corp. holds a 20.1% working interest through its wholly owned subsidiary, ShaMaran Ventures BV (100% owner of General Exploration Partners, Inc.). Marathon Oil KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO), holds a 15% working interest in the block. Subsequent to their back-in the Government of the Kurdistan Region of Iraq holds a 25% working interest.


About ShaMaran
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration vehicle. ShaMaran Petroleum is a Canadian oil and gas company listed on the TSX Venture Exchange under the symbol "SNM" as well as NASDAQ OMX First North under the symbol "SNM".

On behalf of the Board,
Pradeep Kabra, President and CEO

futr

Can't be long now.

Seven days, tops.

Exiting times, results should be a big surprise I think.

Easter Egg

glta

SHAMARAN ATRUSH UNDERPRICED, POSSIBLE ACQUISITION TARGETS-PARETO (Direct) 2014-03-28 10: 19 STOCKHOLM (Direct) Oil exploration company Shamarans only asset, the Kurdish Atrushfield in which the company owns a fifth, is undervalued by the market.

The mean Pareto Securities in today's buying analysis with price target 3: 70 SEK.

The Investment Bank said that field as it looks today, and in the light of what is expected to be in production by early next year, should be valued at 3: 20 kronor per share.

The analysis also points out that Shamaran course developmentally has gone worse than their analogue counterparts in the region such as the Norwegian DNO and the British-Turkish Genel Energy in the past year.

However, all signs suggest that the development of Atrush field follows the established plan involve a revaluation of Shamaran, according to Pareto.


In addition, Lundin-sphere's company a possible acquisition targets for larger oil companies who want to enter the coveted Kurdish region.


Regarding the political situation in the area, choose the Bank to have a light approach, where an agreement between the two antagonists-the Kurdish regional government, KRG and central Government in Baghdad – can be reached within the next few months, i.e. before the expected start of production of Atrush field.

At 10.15 pm on Friday traded Shamaran share to 2: 64 kronor, an increase of nearly 3 percent for the day. Henrik Svensson + 46 8 5191 7924 The News Agency Directly

https://www.avanza.se/placera/telegram/2014/03/28/shamaran-atrush-undervarderat-mojligt-forvarvsobjekt-pareto.html

New target price 0,63 CAD Buy


SHAMARAN PARETO RESUMES COVERAGE with the PURCHASE, PRICE TARGET 3: 70 KR (direct) 2014-03-28 09: 07 STOCKHOLM

Pareto Securities resumes coverage of Shamaran with buy recommendation.

The target price is written to 3:70 SEK.
It is clear from the current analysis.

Henrik Svensson + 46 8 5191 7924 The News Agency Directly

https://www.avanza.se/placera/telegram/2014/03/28/shamaranpareto-aterupptar-bevakning-med-kop-riktkurs-370-kr.html

Your welcome

I've heard of a second rig soon beeing brought in, they will retest at3, probably with esp this time considering the drop in recovery factor.

At3 raised P90 and P50 with 30%..


Now bring on the at4 surprise ;)


Long SNM

Thanks for posting the new Company Presnetation.

The best parts, IMO: Production infrastructure will be built this year and production in Q1 of 2015...that's just one year out!
Continuing to drill #5 and #6, too.

dat

Thanks , yummie indeed

New presentation out

Yummie :)


http://www.shamaranpetroleum.com/i/pdf/2014-03_SNMCP.pdf

We should also get the full prospective report soon, they have probably collected data from at4 to use in that one


Also on page 11 they say that the main fault between hangingwall and footwall is sealing,thats news to me! Pradeep told me last may that they thought it was non sealing


Complicated report.. Hope the markets gets it

Hmm

At4 is special as i said.. Drilled with a 50 degree angle thru the reservoir.

I think that the 3rd party is very conservative and the P numbers are only for the phase 1 area


According to TAQA they expect well over 1 billion barrels recoverable from atrush

120k per day for 35 years...

http://www.pipelineme.com/features/interviews/2014/01/exclusive-interview-taqas-iraq-country-boss/

New Corporate Presentation---

http://www.shamaranpetroleum.com/i/pdf/2014-03-13_Pareto_EPIC.pdf

Looking for latest drilling results in April-

futr

Looking forward to all that news and your opinion Kinematic

Who sells out now?

Year end report tomorrow, the MD&A usually holds some intresting info.

I think they will turn up the pace in Atrush soon.

Then you have the resource report where we probably will book our first real reserves and then the prospective resource report should be real intresting.


Holding.

AT4 will be an easter egg...

I wouldnt call it just a production well...


Holding

Cheers

Still No Agreement-

http://www.rigzone.com/news/oil_gas/a/131726/Kurds_Say_Have_Not_Agreed_to_Export_Oil_Via_Iraqs_SOMO

futr

Market needs to Know the Specific Details-

Before the intrinsic value of any producer in Kurdistan can be determined.

Would be good to get that sort of definitive information-

futr

UPDATE 1-Top Iraq energy official says Kurds agree to export crude via SOMO
Wed Feb 19, 2014 2:46pm EST
(Adds quote, context)

BAGHDAD, Feb 19 (Reuters) - Iraqi Kurdistan has agreed to export crude via the country's main oil marketing body, Deputy Prime Minister for energy Hussain al-Shahristani said on Wednesday, potentially removing a major sticking point in a row with the central government.

The autonomous region's prime minister and top energy official travelled to Baghdad on Monday, intensifying efforts to settle the dispute over exports of oil from Kurdistan via a new independent pipeline to Turkey.

The region had previously insisted it would export crude on its own terms, bypassing Iraq's State Oil Marketing Organisation (SOMO).

"After hours of meetings, we have agreed that our brothers in the region will be represented in SOMO and agreed that this is the sole national outlet responsible for exporting oil," Shahristani said in an interview on Iraqi state television late on Wednesday. "This is an important step forward".

Baghdad has repeatedly threatened to sue Ankara and slash the Kurdistan's share of the national budget if exports go ahead through the pipeline without its consent.

The pipeline was completed late last year, and oil has since been pumped through it into storage tanks at Turkey's Ceyhan, but exports from the Mediterranean port are on hold to give diplomacy a chance.

Negotiations have carried on for months with little progress. (Reporting by Ahmed Rasheed; Writing by Isabel Coles; Eiting by David Evans and Alison Williams)

http://mobile.reuters.com/article/idUSL6N0LO4Q420140219?feedType=RSS&irpc=22

We could see some good news in the near future now.
Thanks for sharing.

Talks between Kurdistan and Baghdad point to Progress-

http://www.proactiveinvestors.com.au/companies/news/52916/talks-between-kurdistan-and-baghdad-point-to-progress-over-oil-laws-52916.html?

futr