by Iraq localize
The Association of the Petroleum Industry of Kurdistan (APIKUR) has appealed to the United States Congress for immediate action to help resolve halted crude oil exports from the Kurdistan Region of Iraq (KRI).
The export halt, affecting over 400,000 barrels of oil per day, has lasted more than 10 months and is severely impacting the region’s economy and stability at a time when regional tensions are already heightened.
In a letter to Congress, APIKUR details the significant U.S. and international investments in the KRI, totaling over $10 billion, which are now at risk. The letter stresses the urgent need for U.S. congressional action to encourage the Iraqi Prime Minister to resolve the oil production and export impasse prior to his upcoming U.S. visit.
APIKUR said it remains committed to the Kurdistan Region and urges the U.S. Congress to support efforts to resume full oil production and exports, essential for regional economic stability and security.
Myles B. Caggins III, APIKUR spokesman, said:
“The Iraqi Prime Minister should demonstrate that he is committed to leading his government to deliver a mutually beneficial solution that will no longer economically strangle the Kurdistan Region of Iraq.
“This solution includes resumption of oil exports from the Kurdistan Region into the international markets with payment and contractual certainty for western and American companies to resume operations. The export of oil is the foundation of Iraq’s economy, and all Iraqis will benefit when full production and global sales resume from the Kurdistan Region.“
APIKUR member companies are DNO, Genel Energy, Gulf Keystone Petroleum (GKP), HKN Energy, Hunt Oil, Kalegran, ShaMaran Petroleum and WesternZagros.
(Source: APIKUR)
