Kurdistan Oil Industry Association Signals Readiness to Resume Exports
The Kurdistan Oil Industry Association (APKOR) has announced its preparedness to restart oil exports from the Kurdistan region as soon as a new agreement is formalized. This development underscores the critical nature of enhancing oil export operations through the Iraqi-Turkey pipeline.
APKOR expressed gratitude to Iraqi Prime Minister Mohammed Shia Sudani and US National Security Adviser Mike Waltz for their affirmations regarding the significance of reinstating oil exports. The association stands ready to engage with all stakeholders involved to facilitate the swift resumption of oil exports.
US National Security Adviser Mike Waltz has urged Prime Minister Sudani to eliminate barriers impeding the Kurdistan Regional Government’s oil companies. This initiative aligns with broader objectives aimed at fostering growth and independence within the Iraqi energy sector.
In a communication shared on social media, Waltz indicated that he had a discussion with Sudani on Sunday, emphasizing the need for the Iraqi government to partner with the Kurdistan Regional Government. Their focus is on resolving outstanding contractual issues and addressing the repayment of debts owed to US energy firms.
A senior official from the previous Trump administration has encouraged the establishment of an investment coordination framework that would facilitate US companies interested in entering the Iraqi market.
The Trump administration has also motivated Iraq to expedite the resumption of oil exports to global markets, which could potentially stabilize prices, especially as Iraq seeks to alleviate its reliance on Iranian oil amid the reactivation of strict pressure policies against Tehran.
Despite these developments, an agreement between the Iraqi federal government and the Kurdistan Region, including international oil companies, has yet to be finalized. The primary contention surrounds the mechanisms for payments to these companies, as well as the settling of their debts and future financing.
APKOR, representing eight foreign oil companies, has raised concerns regarding the absence of clear official agreements related to financial transactions in the oil sector.
