The Association of the Petroleum Industry of Kurdistan (APIKUR) represents international oil companies (IOCs) operating in the Kurdistan Region of Iraq. It has clarified the payment mechanism for crude oil exported through the Iraq-Turkiye Pipeline (ITP). The announcement aims to ensure transparency and financial certainty for companies producing oil in Kurdistan.
In a statement, APIKUR detailed the payment process for Kurdistan oil exports. The Government of Iraq (GoI) will compensate the amounts due for crude oil produced in Kurdistan. Payments will be made through in-kind deliveries at the Ceyhan terminal in Turkiye. This system ensures that Kurdistan’s oil companies receive timely payments. It also supports operational stability and ongoing production growth.
Each IOC’s designated marketer will sell the oil and remit payments to an escrow account. This approach provides payment security. It guarantees that international oil companies operating in Kurdistan receive proper compensation for their deliveries.
Under Iraq’s Budget Law Amendment, the GoI will pay an interim $16 per barrel for each barrel delivered to SOMO. This payment covers production and transportation costs. It also ensures financial sustainability for companies exporting Kurdistan oil.
APIKUR’s member companies include DNO, Genel Energy, Gulf Keystone Petroleum (GKP), HKN Energy, Hunt Oil, Kalegran, ShaMaran Petroleum, and WesternZagros. These companies are major contributors to the region’s oil sector. They play a key role in maintaining and expanding Kurdistan’s export capacity.
By clarifying the payment mechanism, APIKUR reinforces confidence in Kurdistan’s oil industry. The statement underscores the importance of transparency, secure payments, and continued collaboration between the GoI and international oil companies. This clarity is expected to strengthen investor confidence and support growth in Kurdistan’s energy sector.
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