Ashti Hawrami: our agreement with the Russian company Rosneft will improve the financial situation of the Kurdistan Region

By Ziad al - Haidari 4 hours ago

Roudao - Agencies

Minister of Natural Resources in the Kurdistan Regional Government Ashti Hawrami said on Tuesday that the Government of the Territory agreement with the Russian company Rosneft, will improve the financial situation of the province.

Reuters quoted, for Hawrami as saying, and seen by Roudao Media Network, "We have an agreement contract with Russia's Rosneft, which will deliver the loan to the Kurdistan Regional Government, to be traced within 3-5 years, but he did not specify the amount that will be loan until now".

He said Hawrami, said that the entry of Rosneft, as well as commercial companies of the oil market is a good thing for the region because it provides for Erbil first final consumer, large oil and open new markets. Russian The company has refineries in Germany and India.

"We hope to become a pioneering work Rosneft agreement opens the way for other major companies," pointing out that Rosneft is also considering exploration blocks in the Kurdistan Region.

The minister also stated that relations with Baghdad are improving.

"I did not hear any negative comments to them after the agreement with Rosneft. They know we sell our oil. In fact, if we helped each other rather than block progress will be able to all of us to get better prices at a time when buyers will be able to request the amount of cuts."

He also said that the fact that the Arbil sell at the moment some of the oil in favor of Baghdad from the northern Kirkuk field evidence of improved relations.

"In fact, Baghdad gave us what share of oil for export. So we have an agreement we both respect it. Genuine cooperation between us and we hope to build on that."

Iraq has not yet reached the target to reduce the level of its supplies, but OPEC surprised observers already his efforts to comply with the agreement after Baghdad opposed for a long time the idea of ​​participating in the agreement producers.

OPEC says that the agreement focuses on reducing production, not exports. But the Kirkuk oil staying inside Iraq rather than export it will contribute to ease the oversupply market the Mediterranean region.