The potential renegotiation is the latest step in the saga that started in March 2023, when Turkey closed the link after an arbitration court ordered the country to pay Iraq $1.5 billion over unauthorized exports. Numerous attempts to restart shipments have since failed – including due to disagreements between Iraq, its semi-autonomous Kurdistan region and companies operating in the area.
Most of the oil released has been recovered and remediation efforts have started, South Bow Corp. said in a statement Wednesday. The line will be able to operate at no more of 80% of pressure levels at the time of the April 8 spill. At the time of failure, the line was transporting 17,844 barrels per hour, or the equivalent of 428,000 barrels a day.