Oil Firms in Iraq Kurdish Region Signal Willingness to Negotiate [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
The producers were forced to cut output after a payments dispute between Baghdad and Turkey erupted and a pipeline to the Mediterranean port of Ceyhan was shut down over a year ago. The firms have been limited to selling crude locally in the semi-autonomous Kurdish region in northern Iraq and say they've racked up more than $1 billion in unpaid bills because of the stoppage. The companies are “prepared to resume exports” if they are guaranteed payment for past and future sales, can be paid directly by the buyer, and as long as they can maintain commercial terms, according to a statement from the Association of the Petroleum Industry of Kurdistan, which represents them. The trade group said its members are willing to hold talks with Iraq's federal government and Kurdish authorities. “Should such agreements require modifications to existing contracts, Apikur member companies are willing to consider this,” they said in the statement. Modifications would need to be agreed to by I
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