NEW YORK, N.Y., UNITED STATES, January 29, 2024 /
EINPresswire.com/ --
Key Points:
• APIKUR requests U.S. Congressional action to help persuade the Federal Government of Iraq to resume oil exports in the Kurdistan Region of Iraq, prior to the Prime Minister of Iraq’s anticipated White House visit.
• The halt in crude oil exports, ongoing for over 10 months, along with unresolved Iraqi Federal Budget issues as well as prejudiced contractual terms and past and future payments to IOCs, threaten the fiscal stability of Iraq’s Kurdistan Region – a region that has been a steadfast security ally of the United States in the Middle East.
• APIKUR emphasizes the significant U.S. and international investments in the region, totaling over $10 billion, and the need to protect these interests.
The Association of the Petroleum Industry of Kurdistan (APIKUR) appeals to the United States Congress for immediate action to help resolve halted crude oil exports from the Kurdistan Region of Iraq (KRI). The export halt, affecting over 400,000 barrels of oil per day, has lasted more than 10 months and is severely impacting the region's economy and stability at a time when regional tensions are already heightened.
In a letter to Congress, APIKUR details the significant U.S. and international investments in the KRI, totaling over $10 billion, which are now at risk. The letter stresses the urgent need for U.S. congressional action to encourage the Iraqi Prime Minister to resolve the oil production and export impasse prior to his upcoming U.S. visit.
APIKUR remains committed to the Kurdistan Region and urges the U.S. Congress to support efforts to resume full oil production and exports, essential for regional economic stability and security.
“The Iraqi Prime Minister should demonstrate that he is committed to leading his government to deliver a mutually beneficial solution that will no longer economically strangle the Kurdistan Region of Iraq,” said Myles B. Caggins III, APIKUR spokesman. “This solution includes resumption of oil exports from the Kurdistan Region into the international markets with payment and contractual certainty for western and American companies to resume operations. The export of oil is the foundation of Iraq’s economy, and all Iraqis will benefit when full production and global sales resume from the Kurdistan Region.”
The full letter from APIKUR to the US Congress is available for download with this press release or can be viewed on APIKUR’s website.
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email media@apikur.uk
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About Us:
APIKUR's objective and purpose is to promote the Kurdistan Region of Iraq as an attractive destination for international oil and gas companies, service providers and investors. In addition, APIKUR aims to advocate for and represent the common interests of its members, function as a joint and effective voice towards all relevant stakeholders whether in the KRI, or elsewhere, and provide a forum for its members to share appropriate public industry information and best practices. APIKUR is a Company Limited by Guarantee established under English Law.
For media inquiries:
Myles B. Caggins III
APIKUR Spokesman
+1 254-371-5704
myles.caggins@wordswarriors.com