'IOCs Demand Written Agreements, Payment Surety', APIKUR Spokesperson
Speaking exclusively to Kurdistan24, Caggins laid out APIKUR’s conditions, stressing that without clear, binding agreements, international oil companies will not proceed with production and exports.
As discussions continue over the resumption of oil exports from the Kurdistan Region, Colonel Myles B. Caggins III, spokesperson for the Association of the Petroleum Industry of Kurdistan (APIKUR), has emphasized the necessity of formal agreements before any further steps are taken.
Speaking exclusively to Kurdistan 24, Caggins laid out APIKUR’s conditions, stressing that without clear, binding agreements, international oil companies (IOCs) will not proceed with production and exports.
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APIKUR’s Stance on Oil Exports
Caggins explained that APIKUR, which represents eight companies operating in the Kurdistan Region, collectively produces over 60% of the region’s oil.
He clarified that while APIKUR welcomes the Iraqi Oil Minister’s statement regarding the resumption of oil exports, the reality is that no formal agreements are currently in place. According to him, the lack of written contracts is a fundamental obstacle preventing exports from moving forward.
“We need agreements in writing. These are called sales agreements and lifting agreements. Our companies need to know that when they produce oil, they will get payment and the path for payment,” Caggins stated.
He emphasized that across the global oil industry, including in federal Iraq, such agreements are standard practice, ensuring both producers and buyers have a clear understanding of their obligations. Without these legal documents, APIKUR companies remain hesitant to restart production.
Caggins illustrated the issue with a simple analogy: “I was at a restaurant in Zakho a couple of days ago, and I had breakfast. The restaurant owner understood that if he gave me chai, I was going to pay him in Iraqi dinar. It’s the same concept. If our companies are producing oil, they need to know how and when they will get paid.”
Aligning Payments with the Iraqi Budget Law
Another major concern raised by APIKUR is ensuring that payments to oil companies align with the Iraqi Budget Law.
Under the current arrangement, the Iraqi central government provides payments to the KRG based on total oil production in the Kurdistan Region. These funds are then allocated among oil companies based on production volumes.
Caggins highlighted the importance of ensuring that APIKUR companies receive payments consistent with their contracts with the KRG and in accordance with Iraq’s budget law.
He further stressed that the Iraqi Prime Minister has publicly expressed the need to resume oil exports for the benefit of all Iraqis.
The U.S. government, including Secretary of State Marco Rubio, has also voiced support for the continuation of Kurdistan’s oil exports, recognizing the economic benefits it brings to Iraq as a whole.
Caggins emphasized that honoring contracts with oil companies would enhance Iraq’s attractiveness to foreign investors across multiple industries.
Addressing Outstanding Payments and Future Export Volumes
Before resuming exports, APIKUR insists that there must be a structured plan to address outstanding payments. Caggins revealed that international oil companies operating in Kurdistan were not paid for the oil they produced between October 2022 and March 2023, resulting in over one billion dollars in arrears.
He stressed that before production resumes, there must be a written plan outlining how these arrears will be repaid.
“We just need to know that there is a plan in writing for us to get the money. That plan needs to be written on paper and agreed to for how the companies will get repaid and when they will get repaid,” he said, acknowledging that different companies may have their own individual decisions to make but stressing the need for a clear financial roadmap.
Furthermore, APIKUR seeks assurances regarding future oil export volumes. Decisions about how much oil will be exported and at what rates must also be specified in formal agreements.
“You see, it all comes back to these written agreements,” Caggins reiterated. “We cannot do business based on press statements and tweets. We need agreements on paper.”
As Baghdad and Erbil continue negotiations on the future of Kurdistan’s oil sector, APIKUR remains firm in its position that transparency and contractual certainty are non-negotiable.
With ongoing discussions between the KRG, Baghdad, and international stakeholders, the coming weeks will be crucial in determining whether an agreement can be reached that satisfies all parties.
Caggins concluded by reaffirming APIKUR’s commitment to its investments in Kurdistan and willingness to cooperate in securing a sustainable future for oil production in the region.
However, he made it clear that without written agreements, the resumption of Kurdistan’s oil exports remains uncertain.
LINK Twitter Interview with Col Myles Caggin
APIKUR spokesperson Myles Caggins told Zoom News the group’s eight member companies are ready to resume oil exports in the Kurdistan Region once they receive guarantees for payment and a plan to settle outstanding debts. pic.twitter.com/iMoxV4cx11
— Zoom News (@zoomnewskrd) March 1, 2025
Federal Oil invites "APICOR" and Kurdistan Wealth to meet in Baghdad
The Federal Ministry of Oil has set next Tuesday as the date for a meeting with the Ministry of Natural Resources in the Kurdistan Region to discuss issues related to the concluded contracts and reach understandings that contribute to the development of oil fields, while an invitation was extended to foreign companies contracting with the Kurdistan Regional Government to develop the region’s fields.
The ministry stated in a statement, received by the Iraqi News Agency (INA) today, Saturday, that it "extended an invitation to international foreign companies under (APICOR) and contracted with the Kurdistan Regional Government to develop the region's fields."
The statement continued, "The ministry extended an invitation to the Ministry of Natural Resources in the region to attend in Baghdad next Tuesday for the purpose of discussing and debating issues related to the concluded contracts to reach understandings that contribute to developing the oil fields with the best international practices and in a manner that serves the national interest."
Financial Advisor: Central Bank Digital Currency Will Boost Transparency, Improve National Payments
Digital currencies will also support efforts to enhance economic and social integration through government use in collection operations and official transactions.
Najaf Governor discusses with US Embassy delegation ways to enhance economic, trade and investment relations
The Governor of Najaf, Yousef Kanawi, received a delegation from the US Embassy in Iraq in his office. The meeting focused on strengthening bilateral relations in various fields, including economic, commercial and investment.
The governor said in a statement conveyed by his media office that "the city of Najaf is one of the provinces of religious and cultural importance in Iraq, and that there are great opportunities to enhance cooperation in various fields.
Kanawi stressed the importance of joint cooperation between the two sides in order to achieve sustainable development in the province and enhance stability in Iraq in general.
For his part, the delegation praised the role played by Najaf in promoting peace and moderation in the region, as well as enhancing development programs in the province, with a focus on improving infrastructure and promoting investment.
These visits come towards strengthening the province's international relations and increasing opportunities for international support in various fields, which will contribute to achieving the aspirations of the people of the province towards development and progress. /End
Sudanese Advisor: Digital currency is a qualitative leap that improves oversight and supports combating money laundering
The financial advisor to the Prime Minister, Mazhar Mohammed Salih, praised, on Saturday, the Central Bank of Iraq’s move towards issuing a digital currency, considering it a qualitative leap that enhances transparency and control over financial flows, improves oversight of capital and foreign transfers, and supports efforts to combat money laundering.
Saleh said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "the Central Bank is moving towards issuing a digital currency as a gradual alternative to paper currency," indicating that "this trend represents a qualitative leap in the national digital payments system."
He added, "This step will achieve many benefits, including reducing cash leakage, lowering printing costs, and limiting the circulation of paper currency outside the banking system, in addition to reducing the need to print money repeatedly, which reduces the costs associated with its production and distribution, in addition to enhancing transparency and control over financial flows and the ability to track digital liquidity and spending trends, whether consumption, savings or investment, in addition to improving control over capital and foreign transfers, and supporting efforts to combat money laundering."
He pointed out that "digital currencies contribute to achieving financial inclusion, especially for groups less integrated into the banking system, which contributes to enhancing economic and social integration."
He stressed that "the transition to digital currency requires a strong technical infrastructure that includes reliable and advanced internet networks and advanced cybersecurity systems to protect data and transactions, in addition to promoting a culture of societal acceptance of digital currencies, starting with government agencies, through their use in collection operations and official transactions."
He explained that "digital cash will maintain its traditional functions as a unit of account, payments and savings, with the possibility of using it online and on smartphones, which will contribute to developing a more stable and efficient financial environment."
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Iraq among the best in the world in controlling the sale of the dollar
The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Saturday, that Iraq has become one of the best countries in the world in controlling the sale of the dollar. Al-Alaq said in an interview with the official agency, followed by Iraq Observer, that “Iraq has today become one of the best countries in the world in controlling the sale of the dollar, as this process is carried out with transparency and accuracy, and through it the citizen verifies his documents and his departure from the country,” explaining that “this mechanism is the most disciplined, transparent and controlled in the world, as indicated by international experts.”
Al-Alaq added that “false news and media distortion may harm the interests of Iraq and the banking sector,” stressing the importance of being proud of the major developments witnessed by Iraq. He explained that “the government and the Central Bank are working hard to establish sound practices that are compatible with international standards,” calling for “the need to highlight these achievements in the media.” He pointed out that “highlighting these transformations and developments helps enhance international confidence in the Iraqi banking sector, which is vital to continue developing the financial system in Iraq.”
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