Russian Firms Set to Restart Oil Projects in Kurdistan | OilPrice.com
document.write(write_html);
}
Breaking News:
Russian oil companies will soon be able to restart their oil projects in Kurdistan after the semi-autonomous Iraqi region and the federal government of Iraq resolved all their disagreements regarding oil production and exports, Russian Energy Minister Sergei Tsivilev said on Thursday.
“We received crucial information [from the Iraqi authorities], and both the minister and the prime minister assured us that the issues related to disagreements between the federal government [of Iraq] and the Kurdistan government have been resolved,” Russia media quoted Tsivilev as saying.
document.write(write_html);
}
“This is very important for us, because Russian companies had entered Kurdistan earlier and had agreements with the Kurdistan government. They invested money in fields located in Kurdistan,” the minister added.
These projects, however, were frozen due to the disagreements between the federal government of Iraq and the authorities of the semi-autonomous region in northern Iraq.
Following the settling of all outstanding disputes, Russia has been assured that “everything has been worked out,” and “these projects will start operating literally in the near future,” the Russian minister told reporters after a meeting of an Iraqi-Russian commission on trade and cooperation.
Rosneft and Gazprom Neft were developing projects in Kurdistan before the disagreements halted them.
With the disputes settled, Kurdistan is now close to resuming oil exports via the Turkish port of Ceyhan on the Mediterranean.
Iraq’s Oil Minister Hayyan Abdul Ghani said last week that Iraq and Kurdistan expect to complete all work to resume oil exports from the semi-autonomous Iraqi region by the end of March, following a two-year hiatus due to a dispute over authority over crude flows.
Oil exports from Kurdistan have now been halted for nearly two years, after they were shut in since March 2023 due to a dispute over who should authorize the Kurdish exports.
The resumption of Kurdistan’s exports would add about 400,000 bpd to oil supply, although it is not clear yet how much of this would be allocated to international markets and how much would be kept for domestic consumption in Iraq.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com
Join the discussion | Back to homepage
document.write(write_html);
}
FACEBOOK
Twitter
GOOGLE+
LINKEDIN
REDDIT
PRINT
document.write(write_html);
}
EXXON Mobil
-0.35
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
