APIKUR ready to resume Kurdistan Region oil exports

The Association of the Petroleum Industry of Kurdistan (APIKUR) has confirmed that its member companies are prepared to resume oil exports through the Iraq-Turkey Pipeline as soon as fair and transparent agreements are reached with Iraqi and Kurdish authorities.

During a meeting on Thursday, APIKUR representatives engaged with officials from the Government of Iraq and the Kurdistan Regional Government (KRG) to discuss the conditions necessary for restarting exports, which have been halted since last year. Further discussions are required to finalize agreements.

APIKUR has reiterated its key conditions for resuming exports, emphasizing the need for equitable treatment of oil producers in the Kurdistan Region compared to those in Iraq. The association is calling for clear payment guarantees, transparent implementation of Iraq’s budget law, and resolution of outstanding payments for oil exported between October 2022 and March 2023.

Key conditions outlined by APIKUR include:

Payment Surety: Formal sales agreements must be in place to ensure companies are fully compensated for past and future oil exports. Payments should be made directly and transparently to companies without intermediaries.

Respect for Existing Contracts: The terms of Production Sharing Contracts (PSCs) must remain intact. An independent technical consultant should oversee invoice verification in accordance with PSC terms, with a formal dispute resolution process in place.

APIKUR member companies have already recommended internationally recognized consultants to KRG officials to facilitate the verification process.

While progress has been made, additional meetings are necessary to finalize the terms. APIKUR companies remain committed to resuming exports as soon as agreements are in place, ensuring a stable and transparent oil market for the region.

(Source:K24)