By John Lee.
The industry group representing international oil companies (IOCs) in Iraqi Kurdistan has clarified the payment mechanism for oil exported through the Iraq-Turkiye pipeline (ITP).
In a statement on X on Wednesday evening, the Association of the Petroleum Industry of Kurdistan (APIKUR) said:
"Info: The payment mechanism for oil exported through the Iraq-Türkiye pipeline...
"The Government of Iraq will compensate the amounts due in respect of crude oil produced from the Kurdistan oil fields and delivered to SOMO through in kind deliveries at Ceyhan.
"An international oil companies' designated marketer will sell oil and remit payment to an escrow account on behalf of IOCs, providing payment surety.
"Also... In accordance with Iraq's Budget Law Amendment, the GoI (Ministry of Finance) will pay an interim payment of $16/bbl to cover production and transportation cost for each barrel of crude oil delivered to SOMO."
APIKUR member companies are DNO, Genel Energy, Gulf Keystone Petroleum (GKP), HKN Energy, Hunt Oil, Kalegran, ShaMaran Petroleum and WesternZagros.
(Source: APIKUR)
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