Change the way the province pay the financial dues to oil companiesHistory of edits::

2016/2/1 14:51 156 visits readable

Ministry of Natural Resources announced in the Kurdistan Regional Government, on Monday, to change the method of payment of financial dues to oil companies operating in Kurdistan.

The ministry said in a statement that the monthly payments offered by the Kurdistan Regional Government to global oil production major, will be based on contractual entitlements under production-sharing according to the contract that governs all license as of January 1, 2016, to replace the temporary payment arrangements in place since last September ".

He explained that the company payments for 2016 will reflect the income from each oil field on the basis of net return, taking into account differences in the quality of the extracted crude oil compared to prices of Brent crude oil, in addition to the discount applicable transportation fees."

The statement added that in addition to benefits mentioned above, the Kurdistan Regional Government will pay a further boost, the equivalent of five percent of the monthly net revenue yield for each field, to compensate for the international oil companies that did not recover dues from the Kurdistan Regional Government ".anth