Aufrufe: 11
Eight international oil companies that represent together with the Kurdistan Regional Government's share more than 90 percent of the Iraqi Kurdistan Region's oil production have reached in principle interim agreements with the Government of Iraq and the Kurdistan Regional Government to resume exports via the Iraq-Türkiye Pipeline.
The companies include U.S.-owned HKN Energy Ltd., WesternZagros Ltd., Hunt Oil Middle East Ltd., and other international firms.
The exporting companies recognize the leadership of Prime Minister Mohammed Shia' al-Sudani of Iraq and his office, whose commitment was essential to reaching this milestone with the interim agreements expected to be signed and ratified in the upcoming days. The companies also publicly thank Prime Minister Masrour Barzani of the Kurdistan Region for his unwavering support towards this resolution and our international partners for advancing a mutually satisfactory solution that benefits Iraq, the Kurdistan Region and global energy markets.
This framework, once signed and implemented, should allow exports to restart in the coming days, while providing a path toward longer-term arrangements. The interim agreements are in compliance with Iraq's 2023-2025 Budget Law and should then be updated following the completion of an independent consultant's review. The agreed framework maintains the sanctity of existing contracts and provides surety of payment to international oil companies. The Kurdistan Regional Government and international oil companies also agreed to meet within 30 days of resuming exports to work towards creating a mechanism for settling the outstanding debts owed to international oil companies.
"We are confident and optimistic that we have found a win-win solution and once fully-signed by all relevant stakeholders, crude oil exports from the Kurdistan Region of Iraq will soon resume through the Iraq-Türkiye Pipeline," said HKN CEO Russell Freeman.
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