Central to TUPRAS' claim is the suspension of crude oil deliveries through the Iraq-Turkey pipeline.

In August, the Government contracted a new oil-guaranteed loan of US$ 600 million from a consortium of international banks, further adding to the stock of costly commercial loans to be repaid by future oil deliveries.

Ferrostaal states that the prohibition of oil delivery by the Saudi Arabian Government made the fulfilment of the contract impossible, because the five vessels remaining for delivery could no longer be “handed over”.

For the period after 1983, an agreement between the Governments of Iraq and the former Yugoslavia entered into on October 1983 resulted in deferred payment arrangements and with payments mainly resulting from crude oil deliveries.

The main factors to positively impact growth include the expected high oil prices, delivery of promised debt relief, and dividends from continued improvements in macroeconomic management.

In addition, each winter there is a repeated threat of“problems” with oil and gas deliveries to Europe.

The Panel finds that it was reasonable for BOTAS to have maintained the Iraq-Turkey pipeline in operational condition, as it had no way of knowing when Iraq would be able to resume oil deliveries, and it was under a contractual obligation to transport any oil that INOC delivered.

There have been no deliveries of oil spare parts and equipment under phase IX.

There have been no deliveries of oil spare parts and equipment under phase VIII.

About 200,000 barrels of crude and its derivatives are being delivered daily to member countries, most of which have limited energy resources, through the financing of their oil bill, which has allowed them to save $921 million, and with the establishment of eight joint ventures, which are developing joint investment projects, representing $552 million, for the development of refining, storage and oil delivery infrastructure.