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A petroleum company raises doubts about the continuity of its activity in the region
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Economy News _ Baghdad
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Added 08/31/2023 - 11:36 AM
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Economy News _ Baghdad
Today, Thursday, Gulf Keystone Petroleum raised doubts about the continuity of its activity after it announced that it had cut expatriate jobs by 55 percent to cut costs in light of the suspension of crude oil exports from Iraqi Kurdistan.
The company, listed on the London Stock Exchange and focusing its operations in Iraqi Kurdistan, announced that it is studying the possibility of writing off more jobs after the blow it suffered following the stoppage of pumping through the Iraq-Turkey oil pipeline in March.
The CEO of the company, John Harris, said in a statement seen by "Al-Iqtisad News", "Although no official time frame has been announced, we still believe that the suspension of exports will be temporary and that the Kurdistan Government of Iraq will resume payments for oil sales in a timely manner."
Last week, the Turkish foreign and energy ministers met the head of the Iraqi Kurdistan government for talks on issues including oil exports, but none of the officials announced that they had reached an agreement to resume pumping exports through Turkey.
In March, Turkey stopped oil flows after losing an arbitration case brought by Iraq. Baghdad considers oil exports from Kurdistan through the Turkish port of Ceyhan illegal
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Added 08/31/2023 - 11:36 AM
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