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ITP Pipeline Restart Still Facing Hurdles

OIL

The prime minister of Iraq's semi-autonomous Kurdish region, Masrour Barzani, has played down the prospect of an imminent restart of crude exports through the Iraq-Turkey Pipeline earlier today according to Argus.

  • Barzani said earlier today, crude exports from northern Iraq to Turkey's Ceyhan port could only resume once the federal Iraqi government in Baghdad agreed to pay international oil companies (IOCs) operating in Iraqi Kurdistan in line with their existing contracts.
  • Baghdad’s insistence that IOCs in Kurdistan replace their existing production sharing contracts (PSCs) is continuing to prevent the restart of the Iraq-Turkey Pipeline (ITP) which has been shut since March.
  • Recent meetings between Iraqi officials and their counterparts from the Kurdistan Regional Government (KRG) in recent weeks had raised hopes of a breakthrough.
Energy BulletsCommodities
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