Iraq has informed the Turkish authorities of the resumption of Iraqi oil exports through the Turkish port of Ceyhan, starting next (Saturday).

Iraqi Oil Minister Hayan Abdul-Ghani said in a statement today (Thursday) that "the Iraqi Oil Marketing Company (SOMO) informed the Turkish company (BOTAŞ) to resume export and loading operations as of Saturday, May 13."

Abdul-Ghani indicated that the conclusion of contracts with international companies for the sale and marketing of Iraqi crude oil from the Turkish port of Ceyhan has been completed, according to the mechanisms adopted by the Iraqi company (Sumo).

Turkey stopped the flow of Iraqi oil through the pipeline of the Kurdistan region of northern Iraq - Ceyhan -, after a ruling was issued by the International Chamber of Commerce on March 23, obligating Turkey to pay $1.5 billion in compensation to Iraq because of Ankara's permission to pump Kurdistan's exports for the period from 2014 to 2018.

It is noteworthy that Turkey, in response to the ruling, for its part, stopped the flow of Iraqi exports amounting to 450 thousand barrels per day.

Last April, the Iraqi government reached a preliminary agreement with the Kurdistan Regional Government in northern Iraq to resume oil exports from northern Iraq.

Iraq relies on the export of crude oil in preparing the country's general budget by up to 95 percent.