Oil Firms Agree Deal With Iraq to Resume Kurdistan Exports
(Bloomberg) – Oil companies in Kurdistan, Iraq, agreed with federal and regional governments to continue their oil exports, which have been stopped for more than two years, and paved the way for a market to a market threshold.
According to a statement from the group representing the companies, eight companies, which constitute more than 90% of the production of the Kurdistan region, reached principle agreements. He said that the shipments on a pipeline on the Mediterranean coast of Türkiye should start “in the coming days after the agreement was officially signed and approved.
The restart of the exports would bring a climax that started in March 2023, when Türkiye’s arbitration court closed the pipeline after the decision of the Arbitration Court. Since then, attempts to open, oil companies have entered legal and financial problems, including the request for cleaning past dues, and clarity in future payments.
According to the statement, the last agreement is “paying the payment” to companies. The companies and the Kurdistan government will meet within 30 days after the export to create a mechanism to solve unpaid debts.
Bloomberg News, Bloomberg News, Bloomberg News, Borde reported that Türkiye’s restarting to the Mediterranean coast will bring about 230,000 barrels of oil per day. Although this was almost half a million flow per day before the pipeline was closed, the new supply would come as the widespread expectations of a global surplus.
The semi -autonomous Kurdistan Regional Government said that he signed an agreement with all companies except DNO ASA on Wednesday and expects the signature of the Federal Ministry of Oil. Peshwa Hawrami, spokesman for the regional government, said exports could start within 48 hours after a complete agreement.
DNO said on Tuesday that he wanted “agreements that provide payment shroud for both past debts and future exports.”
The extradition of exports would be a blessing for Iraq after the stopped pipeline, which cost billions of dollars. Iraq is the second largest oil manufacturer of OPEC and pumping the majority of crude oil from the south from the south, and after years of war and sighing, he is eager to increase the output in the long run and increase income.
Iraq and Kurdistan have long been experiencing a dispute to the control of oil revenue from the north, but in the early this year, the regional government agreed to deliver its oil to Somo for subsequent sales. This led to the release of funds to the regional administration of the federal government for the salaries of state employees.
Among the other companies operating in Kurdistan, Gulf Keystone Petroleum Ltd., HKN Energy Ltd. Shamaran Petroleum Corp. and Hunt Oil Co.
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