The US Congress has been urged to take prompt action by the Association of the Petroleum Industry of Kurdistan (APIKUR) in order to assist in resolving the suspension of crude oil shipments from the Kurdistan Region of Iraq (KRI).
At a time when tensions in the area are already high, the export ban, which affects over 400,000 barrels of oil per day, has been in place for more than ten months and is having a serious negative influence on the stability and economics of the region.
APIKUR outlines the substantial U.S. and foreign investments in the KRI, amounting to over $10 billion, that are currently in jeopardy in a letter to Congress. The letter emphasizes how vital it is that the US Congress take action to persuade the Iraqi prime minister to break the deadlock over oil production and exports before his next visit to the US.
In order to maintain economic stability and security in the area, APIKUR stated that it is still devoted to the Kurdistan area and that the US Congress should back efforts to restart full oil production and exports.
Spokesman for APIKUR, Myles B. Caggins III, stated:
“The prime minister of Iraq need to show that he is dedicated to guiding his administration in achieving a win-win resolution that would release the Kurdistan Region of Iraq from economic shackles.
“Part of this solution is allowing American and Western corporations to continue operations by paying for and providing contractual certainty for the return of oil shipments from the Kurdistan Region into international markets. Iraq’s economy is based mostly on oil exports, and when the Kurdistan Region resumes full production and international sales, all Iraqis will profit.”
DNO, Genel Energy, Gulf Keystone Petroleum (GKP), HKN Energy, Hunt Oil, Kalegran, ShaMaran Petroleum, and WesternZagros are the entities that make up APIKUR.
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