Worldwide oil firms working in Iraq’s Kurdish area say they’re prepared to barter contract phrases with each federal authorities and regional authorities in a bid to restart exports which were stalled for greater than a 12 months.
The producers had been pressured to chop output after a funds dispute between Baghdad and Turkey erupted and a pipeline to the Mediterranean port of Ceyhan was shut down over a 12 months in the past.
The companies have been restricted to promoting crude domestically within the semi-autonomous Kurdish area in northern Iraq and say they’ve racked up greater than $1 billion in unpaid payments due to the stoppage.
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The businesses are “ready to renew exports” if they’re assured cost for previous and future gross sales, might be paid straight by the client, and so long as they will preserve business phrases, in accordance with an announcement from the Affiliation of the Petroleum Business of Kurdistan, which represents them. The commerce group mentioned its members are prepared to carry talks with Iraq’s federal authorities and Kurdish authorities.
“Ought to such agreements require modifications to current contracts, Apikur member firms are prepared to contemplate this,” they mentioned within the assertion.
Modifications would must be agreed to by Iraq’s federal authorities, authorities in Kurdish area and by the person firms. Even as soon as points with Baghdad and the Kurds are resolved, Iraq’s wider dispute with Turkey may even must be ironed out.
Apikur mentioned its members have had no direct talks with Iraqi and Kurdish authorities since January, and pushed again in opposition to the concept intransigence on their half might need contributed to exports not resuming. The group hadn’t beforehand expressed willingness to barter contract phrases.
Apikur consists of founding members DNO ASA, Genel Power Plc, Gulf Keystone Petroleum Ltd., HKN Power Ltd. and ShaMaran Petroleum Corp. Hunt Oil Co. Different producers have since joined.
