On Thursday, the Association of the Petroleum Industry of Kurdistan (APIKUR) expressed its appreciation for U.S. Secretary of State Marco Rubio’s initiatives aimed at resuming oil exports from the Kurdistan Region. During a phone conversation with Iraqi Prime Minister Mohammed Shia al-Sudani on February 25, Rubio reiterated U.S. support for the reopening of the Iraq-Turkey Pipeline and underscored the importance of honoring contractual agreements with U.S. companies operating in Iraq.
The extended closure of the pipeline since March 2023 has severely affected the economy of the Kurdistan Region, cutting off a crucial revenue stream and hindering international trade. This shutdown has led to an estimated revenue loss of $27 billion for the Kurdistan Region, Iraq, and APIKUR member companies, resulting in market instability and compromising regional stability.
APIKUR indicated that recent comments from senior officials in Baghdad and Erbil imply that oil exports may soon resume. The association emphasized that its member companies stand ready to restart exports as soon as formal agreements are finalized to guarantee that payments for both past and future exports comply with current contractual and commercial terms. However, APIKUR also mentioned that no communication has been initiated with its member companies concerning these agreements.
The legal validity of APIKUR’s contracts with the Kurdistan Regional Government (KRG) was recently confirmed by Iraqi appellate courts. Moreover, a significant amendment to Iraq’s 2023-2025 budget law has established a legal and political framework for addressing the existing dispute and facilitating agreements to resume oil exports.
APIKUR is dedicated to positioning the Kurdistan Region as an appealing destination for international oil and gas companies, service providers, and investors. The association represents the collective interests of its members, acts as a unified voice on industry-related issues, and offers a platform for sharing public industry information and best practices.
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