Draw Media

Major oil companies operating in the Kurdistan Region say: “Even If the Kurdistan region's oil exports resume, we will not produce oil" until they receive a guarantee that their financial rights are protected.

The Association of the Petroleum Industry of Kurdistan (APIKUR), which includes six international investment companies (DNO, Genel Energy, Gulf Keystone Petroleum, HKN Energy and ShaMaran Petroleum), said in a statement that it is important to resume oil exports through the Turkey-Iraq pipeline, but they warn that if their contractual rights are not protected from receiving past financial entitlements, they will not resume oil exports even if Turkish oil exports resume.
(APIKUR) encourages the recent talks between the Iraqi Federal Government and the Turkish government to resume oil exports through the Iraq-Turkey Pipeline (ITP).
"Opening of the pipeline is an important step for the Kurdistan Region to restart its most important trade sector, which accounts for 80% of its economy. It will also benefit international oil companies (IOCs) and many Iraqis."
"The damage caused by the closure of the pipeline in late March is estimated at about $4 billion," the statement said.
“But even if the ITP pipeline is opened, APIKUR member companies will not produce oil until it is clear how the financial entitlements of international oil companies will be paid under their contractual rights for past and future oil exports,” the association said in a statement.