Kurdistan region is expected to convert the initial payments from Baghdad next week

09/25/2012 12:00 am

BAGHDAD - morning
said Ashti Hawrami, oil minister of the Kurdistan Regional Government of Iraq on Monday that the region is expected settlement payments an initial trillion dinars (858 million dollars) from the central government in Baghdad next week after the two sides reached an agreement on the payment of dues oil producers.
told Hawrami journalists in an energy conference in Istanbul that the region will resume exports in October by 200 thousand barrels per day after reaching an agreement earlier this month and will continue to export at this level until the end of 2012, according to the agency reported (Reuters).
minister said that the provincial government expects access to the level of exports target for 2015 of one million barrels a day even if there disruptions other.
agreed Baghdad and Kurdistan earlier this month to settle a dispute over payments oil after pledged Kurdistan continue exports and Baghdad said it would pay dues to foreign companies operating in the region.
Hawrami said that increase production of Kurdistan and also from oil fields in the south controlled by Baghdad in the coming years means that Iraq needs a new pipeline runs to Turkey to accommodate production total could be up to six or seven million barrels a day.
added it will create oil pipeline one million barrels per day pipeline gas did not specify capacity after stretching to Turkey in the first half of 2014.
He said the Kurdistan government is planning to supply Turkey eventually about 15 billion cubic meters of gas and is also looking to "additional quantities of gas can be transported through Turkey to Europe, either through a pipeline or terminal of liquefied natural gas in the Turkish port of Ceyhan. "
and suspended the Kurdistan Regional Government last April shipments of oil temporarily to protest the lack of payments from the central government for companies operating in the region.
companies operate small oil producer such as Genel Energy and London-based Woody .. or Norwegian in the Kurdistan region in a decade. And entered the major international companies in recent including Exxon Mobil, Chevron and Total.
Hawrami said "the agreement that was reached with Baghdad interim agreement pending oil and gas law. And allows the payment of dues to oil companies and oil according to their contracts and then surplus revenues go to Baghdad, which will benefit all of them under the budget allocations. "
he said, adding "agreement has been drafted in this way so as not to be interrupted exports ... Previous problem is that it is not expressly provided for in the budget. "