{"id":1313,"date":"2017-10-24T18:48:34","date_gmt":"2017-10-24T18:48:34","guid":{"rendered":"http:\/\/madaresharghi.com\/rosneft-to-operate-main-iraqi-kurdish-oil-pipeline\/"},"modified":"2017-10-24T18:48:34","modified_gmt":"2017-10-24T18:48:34","slug":"rosneft-to-operate-main-iraqi-kurdish-oil-pipeline","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/rosneft-to-operate-main-iraqi-kurdish-oil-pipeline\/","title":{"rendered":"Rosneft to Operate Main Iraqi Kurdish Oil Pipeline"},"content":{"rendered":"

madaresharghi<\/a>
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\tRussia\u2019s biggest oil company, Rosneft, has agreed to take control of Iraqi Kurdistan\u2019s main oil pipeline, boosting its investment in the autonomous region to $3.5 billion despite Baghdad\u2019s military action sparked by a Kurdish vote for independence.
\tRosneft\u2019s investment comes amid a crisis in Kurdistan\u2019s relations with the central government in Baghdad since the region held an independence referendum last month, Reuters reported.
\tRosneft said it would own 60% of the pipeline, with current operator KAR Group retaining 40%. Sources familiar with the deal said Rosneft\u2019s investment in the project was expected to total about $1.8 billion.
\tThat comes on top of $1.2 billion that the Russian firm, which has struggled to raise western loans due to US sanctions, lent Kurdistan earlier this year to help fill holes in its budget. Rosneft also agreed to invest another $400 million in five exploration blocks. Kurdish oil exports face the worst disruption in months and are running at only a third of capacity, threatening repayments to Rosneft and other major creditors, including top trading houses such as Glencore and Vitol.
\tThe Iraqi Kurdistan has borrowed around $4 billion from Rosneft, traders and Turkey, guaranteed by future oil sales. As exports have dropped to around 200,000 barrels per day this week from usual volumes of 600,000 bpd, traders have become jittery about the billions of dollars at stake.
\t\u201cWe are monitoring the situation as there could be payment delays,\u201d Glencore Chief Executive Ivan Glasenberg said on Thursday.
\tExports were disrupted after the Iraqi military took over the oil-rich Kirkuk area from Kurdish Peshmerga forces this week, resulting in production disruptions from local fields.
\tBaghdad has also threatened to re-route a big chunk of oil flows towards an old oil pipeline, which has been out of operation for several years since Kurdistan built its own infrastructure to the Turkish Mediterranean port of Ceyhan.
\tIndustry experts have said the plan was unrealistic as the pipeline was old and rusty and needed major investments.
\tBaghdad also asked oil major BP to return to Kirkuk and help it revive production there, signaling it was determined to deprive Erbil of a big chunk of revenues.\u00a0 Rosneft will be investing in expanding Erbil\u2019s independent pipeline, hoping to boost its capacity by a third to 950,000 bpd. That is the equivalent of about 1% of global supply.<\/p>\n","protected":false},"excerpt":{"rendered":"

madaresharghi Russia\u2019s biggest oil company, Rosneft, has agreed to take control of Iraqi Kurdistan\u2019s main oil pipeline, boosting its investment in the autonomous region to $3.5 billion despite Baghdad\u2019s military action sparked by a Kurdish vote for independence. Rosneft\u2019s investment comes amid a crisis in Kurdistan\u2019s relations with the central government in Baghdad since the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[639],"yoast_head":"\nRosneft to Operate Main Iraqi Kurdish Oil Pipeline - madaresharghi | An Analytical Look at Middle Eastern Developments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madaresharghi.ir\/en\/rosneft-to-operate-main-iraqi-kurdish-oil-pipeline\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rosneft to Operate Main Iraqi Kurdish Oil Pipeline - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Russia\u2019s biggest oil company, Rosneft, has agreed to take control of Iraqi Kurdistan\u2019s main oil pipeline, boosting its investment in the autonomous region to $3.5 billion despite Baghdad\u2019s military action sparked by a Kurdish vote for independence. 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