The Association of the Petroleum Industry of Kurdistan (APIKUR) has issued a statement on the resumption of oil exports.
APIKUR said it welcomed talks between US President Joe Biden and Iraqi Prime Minister Mohammed Shia al-Sudani on the resumption of oil exports from the Kurdistan Region.
The organization said it is ready to continue and urgently resume negotiations with the Kurdistan Regional Government (KRG) and the Iraqi federal government to resume oil exports through the Iraq-Turkey oil pipeline.
It emphasized the need to preserve the “sanctity of current fiscal terms, and ensuring the surety of past and future oil payments through formal written agreements.”
APIKUR spokesman Miles Caggins said member companies of the association invested $10 billion in the Kurdistan Region’s oil and gas sector that “helps achieve Iraqi Prime Minister Mohammed Shia al-Sudani’s economic and energy goals.”
APIKUR said earlier that the Iraqi economy has suffered a loss of $15 billion due to the suspension of oil exports from the Kurdistan Region and the price of oil has risen in world markets.
