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Kurdish oil flows to Turkey will stop soon unless stored crude is exported. But Erbil has gone quiet and Ankara has given no indication of its intentions after its Energy Minister said sales would proceed with or without Baghdad’s approval.
For the Kurdistan Regional Government (KRG) operators like Gulf Keystone (GK), the delay in resolving the interminable dispute over oil sales is proving costly.
The UK independent, which just recently completed its listing on the London Stock Exchange, saw its share price fall by nearly 7% shortly after announcing its Interim Management Statement for the first quarter on 14 May: it warned that delayed payments by the KRG might affect its revenues for the year.
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