Last Updated : GMT 11:55:52
Arab Today, arab today
Arab Today, arab today

Help cover expenses

Kurds announce oil payment mechanism

Arab Today, arab today

Arab Today, arab today Kurds announce oil payment mechanism

Kurdish forces draw on oil revenue for support
Erbil - Arab Today

The Kurdish government in Iraq said Monday it would allocate some of its revenue to international oil companies on a monthly basis to help cover their expenses.

British energy company Gulf Keystone Petroleum, one of the key players in the Kurdish oil sector, in early 2015 suspended crude oil exports through Turkey and directed sales to the local market briefly because of a lack of payment from the Kurdish government.

The Kurdish north hosts some of the larger oil fields in Iraq. The Ministry of Natural Resources for the semiautonomous Kurdistan Regional Government said that, while crude oil exports are its principle source of revenue, energy companies operating in the region face difficulties moving forward without their share.

"Therefore, from September onwards, the KRG will on a monthly basis allocate a portion of the revenue from its direct crude oil sales to the producing international oil companies, to cover their ongoing expenses," it said in a statement. "Furthermore, as export rises in early 2016, the KRG envisages making additional revenue available to companies to enable them to begin to catch up on the past receivables due under their production sharing contracts."

The Kurdish government in early 2015 reached a deal with the federal government in Baghdad to export some of its crude oil in exchange for a portion of overall oil revenue. The KRG under the terms of the agreement funnels 250,000 barrels of oil per day to Baghdad and agrees to use the federal State Oil Marketing Organization for marketing.

Genel Energy, led by former BP Chief Executive Officer Tony Hayward, is a lead producer in the Kurdish north, boasting net production for the first half of 2015 of an average 88,800 bpd, a 41 percent increase year-on-year.

Andrew Benbow, a spokesman for Genel, said in response to email questions more comments on the payment scheme would come when the company releases second quarter figures Thursday. For now, he said, Genel was letting the Kurdish government's statement "speak for itself."

The Kurdish government cautioned that the federal government has yet to meet its payment obligations, to which it responded with unilateral exports through Turkey to help pay government and military salaries.

"Although the revenue gained from direct sales is still below Kurdistan's 17 percent share of the federal budget, it is significantly higher than the amount the federal government was able to allocate to the KRG on a monthly basis," it said.
Source: UPI

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today kurds announce oil payment mechanism Arab Today, arab today kurds announce oil payment mechanism


Arab Today, arab today
Arab Today, arab today Adidas Originals ‘reinterpreted’

GMT 14:52 2016 Thursday ,01 December

Adidas Originals ‘reinterpreted’
Arab Today, arab today At Milaidhoo Island, Maldives

GMT 08:42 2016 Wednesday ,07 December

At Milaidhoo Island, Maldives
Arab Today, arab today Paris's matchbox apartments

GMT 10:37 2016 Saturday ,24 September

Paris's matchbox apartments
Arab Today, arab today Status of main battle fronts

GMT 07:44 2016 Thursday ,08 December

Status of main battle fronts
Arab Today, arab today 'Rookie' Trump must fall into line

GMT 08:02 2016 Tuesday ,06 December

'Rookie' Trump must fall into line

GMT 08:20 2016 Wednesday ,07 December

Trump boasts of $50bn investment at victory rally

GMT 09:23 2016 Tuesday ,06 December

HSBC's rainbow lion statues spark row in Hong Kong

GMT 09:14 2016 Monday ,05 December

Hong Kong-Shenzhen trading link off to negative start

GMT 10:35 2016 Saturday ,03 December

In rural Cuba, economy stuck in time after Castro

GMT 10:14 2016 Saturday ,03 December

Venezuela fury at Mercosur suspension

GMT 09:41 2016 Saturday ,03 December

Sout Africa dodges junk credit rating
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today The summer school raising aspirations

GMT 12:49 2016 Tuesday ,06 December

The summer school raising aspirations
Arab Today, arab today Vanessa Redgrave makes directing

GMT 10:52 2016 Tuesday ,06 December

Vanessa Redgrave makes directing
Arab Today, arab today Indonesia expands protection

GMT 11:39 2016 Tuesday ,06 December

Indonesia expands protection
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Hyundai allows Saudi journalists

GMT 15:14 2016 Thursday ,01 December

Hyundai allows Saudi journalists
Arab Today, arab today Latest Infiniti QX to compete

GMT 13:16 2016 Saturday ,26 November

Latest Infiniti QX to compete
Arab Today, arab today It's a squeeze, but Paris Impressionist

GMT 12:06 2016 Saturday ,03 December

It's a squeeze, but Paris Impressionist
Arab Today, arab today To battle Japanese whaling fleet

GMT 11:53 2016 Monday ,05 December

To battle Japanese whaling fleet

GMT 12:58 2016 Friday ,02 December

Trump, politics on the mind

GMT 13:00 2016 Monday ,05 December

Dubai Women Establishment delegation

GMT 04:15 2016 Thursday ,30 June

World's largest uncut diamond fails

GMT 13:01 2016 Thursday ,01 December

Green groups pressure Spain

GMT 15:59 2015 Wednesday ,27 May

Seoul elevates gardening to high art

GMT 12:39 2016 Saturday ,26 November

Skin patch could help kids

GMT 13:17 2016 Friday ,25 November

Ajman Tourism launches time capsule

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 09:53 2016 Sunday ,15 May

OMEGA official timekeepers
Arab Today, arab today
Arab Today, arab today
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Powered and Developed by FilmMatters

Copyright © 2016 Arabtoday

Developed by FilmMatters

© 2016 Arabtoday

arabtoday arabtoday arabtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabtoday, Arabtoday, Arabtoday