Arbil: part of the oil revenues to foreign companies

Abu Dhabi - Sky News Arabic
Iraq's Kurdistan Regional Government said, Monday, it will allocate part of the direct revenues from oil sales to foreign companies produced starting from September, in an apparent attempt to reassure foreign oil companies in the region. This means that the province increase the independent sales, which rose with HOW mid-June in exchange for reducing the allocations for the Iraqi Oil Marketing Company (SOMO) in an escalation of the conflict on the rights of export payments and budget. The Ministry of Natural Resources in the province in a statement that the privatization process will begin in September may rise at the beginning of 2016 with increased exports. The statement continued that the federal government has not acted to the region so far delayed the monthly budget allocations, which paid to resort to direct oil sales.
The province and stressed that he is still determined to develop the 2015 budget agreement with Baghdad under which it agreed to transfer up to 550 thousand barrels per day to the allocation of Baghdad Sumo versus 17% of the budget payments to Erbil.

The provincial government said that crude sales through the port of Ceyhan totaled 12 million barrels since at least mid-June, according to traders and shipping data which is less than the region's share of the federal budget, but exceed the allocations obtained from Baghdad.