(MENAFN- Iraq Business News)
By John Lee.
The Association of the petroleum industry of Kurdistan (APIKUR) has urgently requested U.S. Congressional action to facilitate the reopening of the Iraq-Türkiye pipeline (ITP).
In a statement, APIKUR says, "this vital conduit for the KRI's economic well-being has been closed due to Political disagreements, which is directly affecting U.S. interests, and the global energy market, as well as threatening the region's economic and security stability."
It adds that urgent White House and U.S. Congressional action is needed to ensure economic stability in the Kurdistan Region and protect significant U.S. investments.
Full statement from APIKUR:
Key Points:
During the Munich Security Conference, APIKUR calls on U.S. officials to encourage the Iraqi Prime Minister to reopen the crucial Iraqi-Türkiye pipeline, halted since March 2023.
The closure impacts U.S. and international oil companies in Kurdistan Region of Iraq (KRI), blocking 400,000 barrels per day of crude oil exports.
Urgent White House and U.S. Congressional action is needed to ensure economic stability in the Kurdistan Region and protect significant U.S. investments.
The Association of the Petroleum Industry of Kurdistan (APIKUR) urgently requests U.S. Congressional action to facilitate the reopening of the Iraq-Türkiye pipeline. This vital conduit for the KRI's economic well-being has been closed due to political disagreements, which is directly affecting U.S. interests, and the global energy market, as well as threatening the region's economic and security stability.
The Munich Security Conference is a prime opportunity for the U.S. Congressional delegation to address this matter directly with Iraqi Prime Minister Mohammed Shia Al Sudani.
The ITP closure has severely impacted U.S. oil companies and APIKUR members, hindering their ability to produce and export oil freely. The situation undermines significant U.S. and international investments in KRI-including over $10 billion from APIKUR member companies. This issue comes at a time when President Biden has invited Iraqi Prime Minister Mohammed Shia Al Sudani to the White House for discussions this spring; the oil impasse must be resolved prior to PM Sudani's arrival in Washington.
APIKUR also urges the U.S. Congress to consider conditioning future assistance to Iraq on the reopening of oil exports from the KRI, amending the Iraqi federal budget law to enable this, and ensuring past and future payment to International Oil Companies consistent with their internationally recognized contractual agreements.
With the region's economic and security stability at stake, APIKUR requests U.S. Congressional support in resolving these critical issues.
"Congressional action is imperative to influence Iraqi leaders to immediately resolve oil and budget issues that are harming Iraq's economy and regional security interests," said Myles B. Caggins III, APIKUR spokesman. "Each year, the Iraqi government reaps more than $1 billion in direct U.S. financial assistance while preventing American oil companies from realizing their investments in Iraq. It seems Iraq prefers to benefit from American tax dollars while willingly refusing to implement a budget with the KRG and continuing to restrict the flow of oil from the Kurdistan Region into the international market. Congress must act on behalf of U.S. citizens, businesses, and our partners and allies and encourage the Government of Iraq to restart the flow of oil from Kurdistan to global markets."
The full letter from APIKUR to the members of the U.S. Congress anticipated to travel to the Munich Security Conference is available for download with this press release or can be viewed on APIKUR's website.
Senator Cardin - APIKUR Letter - Munich Security Conference - Kurdistan Oil Export Issues
Rep. Jeffries - APIKUR Letter - Munich Security Conference - Kurdistan Oil Export Issues
(Source: APIKUR)
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