Erbil, Kurdistan Region – The Association of the Petroleum Industry of Kurdistan (APIKUR) has expressed optimism regarding the Iraqi Parliament’s proposed amendment to Article 12 of the Budget Law, viewing it as a potential step towards resuming the Kurdistan Region’s oil exports through the Iraq-Turkey Pipeline (ITP).

In a statement released Thursday, APIKUR member companies praised the proposal, noting that it addresses key industry concerns, including favorable commercial terms and secure payment mechanisms for both historical and future exports. The association emphasized that these guarantees are critical for fostering collaboration and ensuring economic stability in the Kurdistan Region.

“We are prepared for constructive discussions with both the Government of Iraq and the Kurdistan Regional Government to finalize necessary agreements,” APIKUR said. However, the association stressed the need to clarify certain provisions within the law to facilitate the smooth resumption of oil exports via the ITP.

The statement aligns with recent remarks by Iraqi Prime Minister Mohammed Shia' al-Sudani and Kurdistan Region Prime Minister Masrour Barzani, who have both underlined the mutual economic benefits of resuming oil exports. APIKUR highlighted that a timely agreement could bolster revenue flows and strengthen Iraq's energy sector, benefiting both Iraq and the Kurdistan Region.

The restoration of oil exports through the ITP remains a priority, with all sides working to resolve outstanding issues related to the export framework. Industry stakeholders have pointed to the significant economic gains that could be achieved once exports resume.

This development signals a positive step in addressing long-standing disputes over oil management and revenues, bringing hope for enhanced cooperation and economic stability in the region.