MOL announces suspension of crude oil exports from Shaikan field
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.