Ministry of Natural Resources in the Kurdistan Region will pay the dues of foreign oil companies

By Roudao 11 minutes ago 08/04/2015

Roudao - Erbil

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 of the ministry that "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: "The 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."

The statement pointed out that "oil companies have demonstrated their commitment to the people of Kurdistan at a time when the region 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 statement 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".