Turkey requests Iraq-Turkey pipeline shutdown, regional oil cos sink (updated)

Gulf Keystone Petroleum

27/03/2023 08:59

(Adds detail, shares)
       March 27 (Reuters) - The Kurdistan Pipeline Company has
shut the Iraq-Turkey pipeline at the request of the Turkish
government, oil companies operating in the region said, sending
their shares tanking on Monday.
    The news comes after Iraq on Saturday halted crude exports
from its northern region after the country won an arbitration
case in which it said that Turkey violated a joint agreement by
allowing the Kurdistan Regional Government (KRG) to export oil
to Ceyhan.
    Shares of London-listed Genel Energy Plc  GENL.L  fell 16%
despite the Iraqi Kurdistan-focused oil firm saying it continues
to produce oil into storage facilities. 
        Gulf Keystone, operator of the Shaikan Field, one of the
largest developments in the Kurdistan Region of Iraq, saw its
stock sink 22% to their lowest level since August 2021.
  
        While Genel and Gulf Keystone said they expect the
shutdown to be temporary, Norway's Middle East-focused oil firm
DNO  DNO.OL  said the KRG instructed it to temporarily halt oil
deliveries to the pipeline for export.
    Its Oslo-listed shares were down 8.8%, hitting their lowest
level since Dec. 2021.

 (Reporting by Muhammed Husain in Bengaluru; Editing by Savio
D'Souza and Nivedita Bhattacharjee)
 ((Muhammed.Husain@thomsonreuters.com;))