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[size=38]International oil companies in Kurdistan refrain from exporting oil due to delayed payments[/size]
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November 9, 2023[You must be registered and logged in to see this link.]
Baghdad/Al-Masala Al-Hadath: The Norwegian company DNO said that international oil companies operating in the Kurdistan region will not produce oil for export through 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 members of Epicure, of which it is one, will not resume exports through the pipeline until it is clear how they will receive their contractual dues from the oil that has already been sold and delivered for export and for future sales of export 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 damages it suffered due to the unauthorized export of oil between 2014 and 2018.
Negotiations on resuming flows are still ongoing.
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