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DNO: No oil export from Kurdistan until the payments problem is resolved
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Added 11/09/2023 - 6:03 PM
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Economy News - Baghdad
The Norwegian company DNO said on Thursday that international oil companies operating in the semi-autonomous Iraqi Kurdistan region will not produce oil for export via a pipeline until the problem of late payments, estimated at about one billion dollars, is resolved .
The Petroleum Industry Association of Kurdistan, "Apicure", stated earlier that Turkey's closure of the pipeline linking it to Iraq in March made Iraq, the Kurdistan Regional Government, and oil producers all lose a total of seven billion dollars in export revenues .
DNO added that the six Epicure members, of which it is one, will not resume exports through the pipeline until “it is clear how they will receive their contractual entitlements for the oil already sold and delivered for export and for future export sales of this oil. ”
The company said that the accumulated debts owed to the Kurdistan Regional Government from previous oil sales in 2022 and 2023 exceeded $300 million .
Turkey stopped oil flows through a pipeline in northern Iraq to export oil after a ruling issued by the International Chamber of Commerce in March in an arbitration case that ordered Ankara to pay compensation to Baghdad for the damage it suffered due to the unauthorized export of oil between 2014 and 2018 .
Negotiations on resuming flows are still ongoing .
Views 25
Added 11/09/2023 - 6:03 PM
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