Iraqi Kurdistan: Oil prospects suffer setbacks

The Kurdistan Regional Government (KRG)’s oil exports to Ceyhan stopped on 16 February, following attacks on the pipeline near Urfa in Turkey. A report from the regional Ministry of Natural Resources said such attacks “harm the KRG’s ability to pay its Peshmerga and fund the fight against [Islamic State] Isis”. Lower oil prices meant “the KRG is already struggling to pay the salaries of its brave Peshmerga and other security forces from its oil export revenue”. The attack also hurt oil companies such as Genel Energy, led by former BP boss Tony Hayward. Investment firm Investec issued a research note on Genel on 29 February, saying that disruption to pipeline exports is likely to affect payments in March