Kurdistan oil industry association calls for tripartite meeting to resume oil exports

Shafaq News/ The Association of the Petroleum Industry of Kurdistan (EPIKUR) called on Tuesday for a tripartite meeting involving the federal government and the Kurdistan Regional Government (KRG) to resume oil exports from the Kurdistan Region through Turkiye's Ceyhan port.

In a statement, EPIKUR addressed media reports suggesting that oil companies in the Kurdistan region are inflexible regarding the resumption of oil exports.

"APIKUR member companies reiterate that they are prepared to resume exports, contingent upon reaching agreements that provide for payment surety for past and future exports, direct payment, and preservation of commercial terms. Should such agreements require modifications to existing contracts, APIKUR member companies are willing to consider this if agreed between the GOI, KRG and individual IOCs." The Association said.

Myles B. Caggins III, APIKUR's spokesman, remarked, "APIKUR's member companies believe tripartite talks between GoI (the Iraqi government), KRG, and IOCs are the best way to find solutions that will lead to the resumption of ITP exports."

Caggins confirmed that the member companies "stand ready to constructively participate in any such talks."

In March 2023, Iraq won a longstanding case against Kurdistan's oil exports in the International Court of Arbitration in Paris. As a result, Turkiye was ordered to pay Iraq $1.4 billion in compensation, and Kurdistan was mandated to hand over the infrastructure of the oil industry. However, more than a year has passed since the court decision, and Iraq has suffered losses estimated at $12 billion.