MOL announces suspension of crude oil exports from Shaikan field

Deals

Hungarian oil and gas company MOL said on Friday that exports of crude oil from the Shaikan field of Iraq's Kurdistan region have been temporarily suspended due to payment problems.

Gulf Keystone Petroleum Limited (GKP), MOL's partner in the Shaikan block said it remains in a dialogue with the Kurdistan Regional Government’s Ministry of Natural Resources in order to receive the outstanding payments and establish a stable payment cycle for export crude oil sales in the future.

In the meantime, GKP will resume crude oil supply for local use in Kurdistan.

MOL and its partner are actively working towards an early pipeline access solution for Shaikan crude, which will provide significantly improved margins compared to export deliveries by trucks, MOL added.

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