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Oil traders warned against buying Kurdistan oil

: Saturday, June 07 - 2014 @ 12:08

Italy has warned oil traders they could face a legal dispute with the Iraqi government if they purchase crude oil from Iraqi Kurdistan, Reuters has reported. The Kurdish Regional Government (KRG) has transported crude oil to the Turkish port of Ceyhan, where it was loaded onto the United Leadership tanker which set sail across the Atlantic. However, the KRG has not been able to find a buyer, as an increasingly hostile Baghdad filed an arbitration case against Turkey and threatened legal action against anyone who bought the oil. The warning comes after the Iraqi government had notified the Italian embassy in Baghdad that such sales were illegal and could result in action from its oil marketing arm, SOMO. “SOMO reserves the right to take legal action against the buyer of such a cargo,” the letter said.

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Saturday, June 7- 2014 @ 12:08 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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