Iraqi Kurdistan allocates $ 75 million to repay three oil companies

Erbil / JD / .. Kurdistan region announced in northern Iraq for the allocation of $ 75 million independent sales of crude oil revenues for companies to export oil not received their dues for months. This figure constitutes a fraction of the accruals said international oil companies that the province owed ​​her but undertaking to provide regular payments may restore some confidence. The Ministry of Natural Resources in the Kurdistan Region in a statement that Gulf Keystone Petroleum will receive $ 15 million, while DNO and you will get - a joint venture between Genel and Addax Petroleum subsidiary of Sinopec - $ 30 million each.

The ministry added that the payments will be transferred to the accounts of companies within seven days. increased the Kurdistan Regional Government independent sales since mid-June,
while the reduced allocations for the Oil Marketing Company of Iraq (SOMO) amid an escalating dispute over export rights The payments budget. The dispute in the financial crisis for the region worsened with the fall in oil prices.

The statement said that falling oil prices mean that the KRG will continue to face difficulties in the minimum financial needs to cover, but the government also recognizes that the international oil companies will not be able to continue to export oil at current levels as some of the financial dues had not received the dates predictable. By the end of the second quarter of DNO said that dues to the Government of the Territory approaching a billion dollars. She said Genel The dues amounting to 378.4 million dollars while Gulf Keystone said that dues are estimated at $ 238 million includes oil sales and other expenses. Jumped Norway's DNO 5.6 percent, while ascended Genel shares 4.5 percent and Gulf Keystone 1.5 percent after the issuance of the statement. He said John Ferrier, chief executive of Gulf Keystone "at this time, sensitive to our company and the entire industry in the Kurdistan region oil .. welcome the announcement of those payments." eyeing Gulf Keystone now to determine the regular payments regarding Shaikhan field of exports. "fell oil exports from Kurdish fields and the field of Kirkuk, the disputed it about 44 thousand barrels per day in August because of repeated sabotage of the pipeline that extends to Turkey operations.