Share Rise on Possible Resumption of Kurdistan Oil Sales

Share Rise on Possible Resumption of Kurdistan Oil Sales

On Sunday, senior officials from the Iraqi Federal Government in Baghdad met with KRG Prime Minister Masrour Barzani and his team to discuss the resumption of oil exports via the Iraqi-Turkish Pipeline (ITP) the Turkish port of Ceyhan.

Deputy Prime Minister for Energy and Oil, Hayan Abdul-Ghani, was accompanied by the Director General of State Oil Marketing Organization (SOMO), Ammar al-Anbagi.

PM Barzani has confirmed that the Kurdistan Regional Government (KRG) is ready to resume oil exports. He emphasized the importance of mutual understanding regarding the technical and financial aspects of the process. He also stressed the need to uphold the constitution and mutual agreements to protect the rights of all parties involved. Furthermore, he emphasized the need to address the Kurdistan Region’s interests in oil production and transportation cost recovery.

Minister Abdul Ghani stated that the government is eager to establish appropriate mechanisms for resuming oil production and export in the region. According to Reuters, he expects to reach an agreement on this matter within three days.

Shares in Gulf Keystone Petroleum (GKP) and Genel Energy were up 17% and 15%, respectively, on Monday afternoon.