Iraq Oil Ministry Settles MMS Legal Action in Greece

The Ministry of Oil of the Republic of Iraq announced that it has entered into a settlement agreement with Marine Management Services M.C. (MMS) and certain related parties, and that as a consequence it will withdraw its legal action in Greece relating to oil tankers that transportedIraqi crude oil loadedby the Kurdistan Regional Government (KRG).

As part of the settlement agreement, the MMS parties have agreed that, once their current charters expire, they and certain related parties will not load or transport KRG crude oil, unless the oil is sold by or with the authorization of SOMO orthe Ministry of Oil.

MMS ships were banned from transporting crude oil sold by SOMO after they began transporting oil for the KRG. In accordance with the settlement agreement, the ban will be lifted once the current MMS charters with the KRG expire, which is expected to occur in the third or fourth quarter of 2015. Potential charterers will be notified when the ban is effectively lifted.