The Association of the Petroleum Industry of Kurdistan (APIKUR) on Thursday expressed optimism over the Iraqi Parliament's proposal to amend Article 12 of the Budget Law, viewing it as a possible path to restarting the Kurdistan Region’s oil exports through the Iraq-Turkey Pipeline (ITP).

In a statement, APIKUR member companies praised the proposal, noting that the amendments address long-standing industry requests for favorable commercial terms and secure payment mechanisms for both historical and future exports. APIKUR underscored that these guarantees are crucial for ongoing collaboration and the Region’s economic stability.

"We are prepared for constructive discussions with both the Government of Iraq and the Kurdistan Regional Government to finalize necessary agreements," APIKUR stated, emphasizing the importance of clarifying certain provisions within the law to facilitate oil exports through the ITP.

APIKUR also aligned with statements from Iraqi Prime Minister Mohammed Shia' al-Sudani and Kurdistan Region Prime Minister Masrour Barzani, both of whom have highlighted the mutual economic benefits of resuming exports. APIKUR noted that a timely agreement would bolster revenue flows and strengthen Iraq's energy sector.

Restoring oil exports through the ITP is a priority, promising economic gains for both Iraq and Kurdistan as officials work towards resolving essential export framework issues.