Kurdistan received "Genel" $ 16 million

2016-02-06 06:42:52 | (Voice of Iraq) - Twilight News

Genel Energy, the company said one of the foreign oil companies operating in the Kurdistan Region on Friday that the operators of Taq Taq field partners have received payment of $ 16.3 million in dues to the Government of the region for oil exports.

And those payments come in the framework of the strategy announced by the government of Kurdistan earlier this week to begin to pay dues to oil companies, according to the terms of the contract with them instead of the temporary payment arrangements pursued since September.

Genel said it and its partner Addax Petroleum also Tlgueta $ 3.2 million covering five percent of the total monthly net return to their fields which additional payments Kurdistan government announced its commitment in its new strategy to pay dues.

Genel said the dues for oil exports from the Taq Taq field and the net return amounted to $ 10.8 million in January.

And increased Kurds independent oil sales since last June to more than 600 thousand barrels per day, but with the inflation of the public sector wage bill and falling prices in the region is facing a deficit of between 380 million and 400 million dollars a month.

KRG City oil companies billions of dollars in dues from its oil exports remain.