For the last few years, the Federal Government of Iraq (FGI) has largely turned a blind eye to independent exports of oil from Kurdistan. In June, however, the FGI took legal action against the “Neverland”, a tanker departing the Turkish port of Ceyhan, loaded with Kurdish crude. The FGI also publically stated that it would be taking legal action to prevent all independent crude exports by the Kurdistan Regional Government (KRG) and would target all third parties involved in the trade of such crude.

In the wake of the referendum on Kurdistan’s independence, which took place on 25 September 2017 (despite the Iraqi Supreme Court’s order to suspend the referendum), this report considers the long-standing constitutional dispute between the FGI and the KRG and the key risks for companies involved in the export and sale of Kurdish crude.

Caroline Kehoe, Mark Hatfull, and Joseph Bentley of Herbert Smith Freehills – a longstanding partner of Menas Associates – have written this special report for our readers, clients and partners. If you would like to speak to any of the authors then you will be able to find their details on the last page of the report, if not then feel free to contact us.

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This trio of partners previously wrote a report titled ‘Finding the right balance: Iraq seeks new equilibrium in relationship with IOCs‘ – and is still available to download.