Iraq agrees to pay dues for foreign companies operating in the field of oil in Kurdistan
28/03/2012 10:08


Erbil, March 28 / March (Rn) - The Minister of Finance and the Iraqi economy, the federal government for approval to pay around 560 million U.S. dollars for foreign companies operating in the area of ​​the extraction and export of oil in the Kurdistan Region, according to the agency "Reuters".

rafa esawi The Kurdistan region has announced the day before yesterday on Monday cut its oil exports to 50 thousand barrels per day, waving to stop the export of oil in the event of abstinence Baghdad for the payment of foreign companies operating in the area of ​​the extraction and export of oil in the region, which is estimated at $ 1.5 billion.

And transfer agency Rafie al-Issawi told reporters on the sidelines of a meeting of Ministers of Economy Arabs preparatory for the Arab summit expected in Baghdad yesterday, "The Iraqi government has allocated 650 billion Iraqi dinars (about 559.4 million dollars) from the budget of the country of the year 2012 to pay dues to foreign companies operating in the oil Kurdistan Region, "adding that" the amount will be disbursed after the audit of the budget. "

For his part, said Fadel prophet, Undersecretary of the Ministry of Finance of the Agency, that "Iraq is generally allocated about $ 2.53 billion as payment for oil companies operating in the country, including $ 560 million for foreign companies operating in the oil province of Kurdistan."

According to the sources of oil in the Kurdistan Regional Government, early last week, that "in the region an ambitious plan to raise the ceiling on production of crude oil rates rising of 175 thousand barrels per day, to one million barrels per day by 2014 and two million barrels by 2019," indicating that "48 foreign oil companies currently operating in the region representing 18 countries."

The Kurdistan region has oil reserves of 45 billion barrels and the Government of the Territory began in 2003 after subtracting the oil fields to foreign investment.

The conflict in the region's oil policy with the policy of the federal government in Baghdad, where is the federal contracts concluded by the Government of the Territory is unconstitutional and non-identical to its oil policy.

The cabinet approved the Iraqi draft law of oil and gas in 2007 but faced objections Kurdish, seen by observers that he represents the differences between Arbil and Baghdad on sharing oil revenues and control over some fields in northern Iraq and the Kurdistan region, Iraq is seeking to increase its oil production in the coming years to reach to 12 million barrels per day.

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