KRG Deputy Prime Minister Qubad Talabani, Finance Minister Rebaz Mohammad and Energy Minister Ashti Hawrami will sign a document which will allow the revenues to be transferred from its account at Turkey’s Halkbank to the Kurdish administration, Kurdish media outlet Rudaw has reported. According to the agreement between the bank and the administration, four signatories were needed for the transfer to be completed. The region’s Prime Minister Nechirvan Barzani reportedly signed the document when he visited Turkey recently.
Turkish Energy Minister Taner Yıldız said late last month that the first payment of $93 million for KRG oil sales had been received by Halkbank. The Kurdish administration currently exports between 100,000 to 120,000 oil barrels per day and is expected to reach 400,000 oil barrels per day by the end of 2014. The KRG began independent exports in May from its pipeline to Turkey, which by-passes Baghdad’s system. So far, three tankers have loaded that oil.
For years, the KRG and Baghdad have been locked in a struggle over how to divide the country’s oil revenue and budget. Baghdad opposes independent Kurdish oil exports and says all marketing must go through the state entity State Oil Marketing Organization (SOMO)..........................http://www.hurriyetdailynews.com/kurdish-delegation-to-visit-turkey-to-collect-oil-revenue.aspx?pageID=238&nID=69068&NewsCatID=359
13/7/14
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Related:
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Iraq accuses Kurdish forces of seizing oil fields (output capacity of some 400,000 barrels per day)
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Third cargo of Kurdish oil ‘set to leave’ amid Iraqi crisis
Kurdish oil flow continues in defiance of Baghdad’s legal move (Turkish energy minister)
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