REINALDO JC: IRAQ UPDATE, 1 MARCH

 REINALDO JC

IRAQ

The CEO of Qamar Energy, Robin Mills, confirmed the Turkish side's readiness to start operating the oil pipeline immediately, but he explained that "it may take {A FEW WEEKS} even if all parties are ready, due to the need to agree on the final methodology for operating the pipeline and transferring funds." As has been repeatedly made clear, APIKUR member companies remain prepared to immediately resume exports as soon as formal agreements are reached to provide surety of payment for past and future exports consistent with our existing contractual legal and commercial terms.

There has {NOT YET BEEN ANY} outreach in this regard to APIKUR member companies. APIKUR member companies {DO NOT HAVE AGREEMENTS} that would lead to resuming oil exports TODAY. Seems like (imo): Iraq Gov’t is delaying & coming up with excuses to START EXPORTING OIL INTERNATIONALLY from the Kurdistan Region for a reason, maybe timing it & waiting to begin exports simultaneously alongside with the submission of the 2025 BUDGET SCHEDULES/TABLES to Parliament in {MID MARCH}. shall see (imo seems like rate change dependent)