International Oil Companies Welcome Iraqi Budget Amendments, Eye Restart of Kurdistan Oil Exports
Following near two-year halt
APIKUR welcomes budget law amendment as step toward resuming Kurdistan Region oil exports
BAGHDAD — The Association of the Petroleum Industry of Kurdistan has welcomed the Iraqi Council of Representatives’ recent amendment to the Budget Law, viewing it as a key move to restart oil exports through the Iraq-Türkiye Pipeline. APIKUR spokesperson Myles B. Caggins III stated, “APIKUR welcomes the Iraqi Council of Representatives Budget Law amendment, and remains focused on reaching agreements to restore oil exports through the Iraq-Türkiye Pipeline.”
The amendment, passed by the Iraqi Parliament on Sunday for fiscal years 2023, 2024, and 2025, clears the way for a potential resumption of oil exports from the Kurdistan Region. APIKUR, established in 2023, represents international upstream oil and gas companies operating in the region and advocates for its members’ interests.
Oil exports through the Iraq-Türkiye Pipeline have been suspended since March 2023 due to legal disputes and an arbitration ruling against Turkish facilitation of Kurdistan Region oil exports without Baghdad’s consent. Prior to the shutdown, the pipeline exported roughly 450,000 barrels of oil per day, and its closure has led to estimated financial losses exceeding $20 billion.
APIKUR has repeatedly called for tripartite discussions among the Government of Iraq, the Kurdistan Regional Government, and international oil companies to find a mutually beneficial solution that would restore operations through the pipeline and boost Iraq’s economic stability.
The Kurdistan Regional Government has also reacted positively to the amendment. On Sunday, Prime Minister Masrour Barzani conveyed his optimism, stating, “I thank everyone who supported the amendment. I also thank the KRG negotiating team for their efforts to put in place a mechanism to resolve the salary issue.” He added, “This positive step in amending the budget law will be the beginning of resolving all other disputes and the federal government’s commitment to provide financial entitlements of the Kurdistan Region.”
Kurdistan Region President Nechirvan Barzani expressed appreciation for Iraqi Prime Minister Mohammed Shia Al-Sudani’s role in yesterday’s parliamentary vote amending the federal budget bill. “We welcome the Iraqi Parliament’s vote on the approval of the federal budget law and commend the Council of Representatives and everyone who participated in its preparation and ratification,” Barzani said in a statement Monday.