Kurdistan region decide the payment of foreign companies

Arbil scales News - The Ministry of Natural Resources in the Kurdistan Regional Government, on Tuesday, it will pay part of the oil revenues to foreign companies operating in oil production in the region, pointing out that they will apply this procedure, starting next September.

According to a statement issued by the ministry, the "financial monthly payments will go to foreign companies producing oil, starting next September, and the amount will increase gradually with the beginning of next year 2016".

The statement added that "Iraq's Kurdistan Regional Government estimated the economic contribution made by the international oil companies in the oil-producing region and its success in lifting export rates to record levels."

She stressed that "oil companies have demonstrated their commitment to the Kurdistan region at a time when it is suffering from a deficit in the budget because of the positions of the federal government in Baghdad and in the light of the existing war against terrorism and the influx of 1.8 million displaced people and refugees to the region."

The ministry said that "the international oil producing companies in the Kurdistan region has maintained its work and investments, and supported the export of crude oil even though they were not receive financial dues from the region since May 2014".

According to the "Iraqi economy experts, it is like the current procedure at the start of delivery of financial payments to companies assure the validity of their contracts and encourage them to increase production, and thus high export rates, so that the region of the payment of previous dues accumulated for companies" .anthy 29 / d 25