Rosneft will become the first major oil company to conclude the financing agreement of Kurdistan

21/02/2017 12:12

Rosneft , Russia joined the World Trade companies in the race to obtain crude oil from the Kurdistan region of Iraq since it became the first major oil company to conclude advance funding for the purchase of crude exports from the region deal.

Rosneft statement quoted chief executive Igor Sechin as saying "We are looking to develop new markets for crude oil from Iraqi Kurdistan." Rosneft said that the contract is valid in the period from 2017 to 2019.

Sechin said that Rosneft will get the crude from Kurdistan Iraq for the benefit of the refining system growing company. Rosneft has a huge system of refining in Europe and Germany.

Rosneft also said she looked forward to cooperation with Iraqi Kurdistan in upstream activities and logistics activities. The Minister of Natural Resources in the Kurdistan Regional Government Ashti Hawrami said the agreement opens the door to new possibilities for cooperation between Rosneft and the region.

Iraqi Kurdistan began exporting crude independently of the central government in Baghdad in the past three years , the region where the pay that he did not get a stake in Iraq 's budget revenues and he needed money to finance his war against al - Islamic state.

But with falling oil prices forced the province to borrow up to three billion dollars of trading companies like Vitol and Btraku and Glencore and Trafigura addition to Turkey in exchange for payment by future oil sales.

Baghdad has pledged to initially sue crude buyer Kurdistan where she insists that the central government is the only legal concerned crude exports northern and southern Iraq.

Baghdad but softened its position recently with companies and traders who work in Kurdistan where he is going to Europe and Asia , crude sale.