Top officials from the Kurdistan Regional Government, or KRG, in northern Iraq have agreed to export an average of 250,000 barrels a day in 2013, up from the current 170,000 to 200,000 barrels a day.
Top officials from the Kurdistan Regional Government, or KRG, in
northern
Iraq
have
agreed to export an average of 250,000 barrels a day in 2013, up from the
current 170,000 to 200,000 barrels a day.
The agreement, however, obliged the central government in
Baghdad
to
pay operators in the
Kurdistan
region the costs of producing
the exported oil in accordance with an agreement reached between the two sides
last month, the KRG said in a statement posted on its website Monday.
It said that the agreement was the result of thorough discussions held in
Baghdad
by a
KRG delegation headed by Minister of Natural Resources Ashti Hawrami and a
central government delegation lead by Minister of Finance Rafiee al-Esawi.
Last month, the KRG and the federal government in Baghdad resolved issues
relating to oil payments to foreign companies producing crude oil in the region
and Kurdish control of oil exports from Kurdistan. According to the agreement,
Baghdad would pay the KRG 1 trillion Iraqi dinars ($841.4 billion), of which
some IQD650 billion was paid last week, with the remaining IQD350 billion to be
paid either by the end of this year or the beginning of 2013, depending on the
central government's budgetary procedures.
Last month's agreement came after the KRG suspended exports of nearly 100,000
barrels of oil a day in April, citing a $1.5 billion backlog owed by
Baghdad
. It
restarted them on Aug. 7, in what it said was a "goodwill gesture,"
but it said flows would be halted if no payments were forthcoming by Aug. 31. The
KRG later extended its deadline to Sept. 15.
The KRG said it had exported around 140,000 barrels a day last month and is
planning to raise exports to 200,000 barrels a day from the beginning of this
month until the end of this year.
The resumption of
Kurdistan
exports has already raised
Iraq
's
crude oil exports to 2.6 million barrels a day in September from around 2.5
million barrels a day in August. Iraqi oil officials said that October's oil
exports are expected to exceed 2.7 million barrels a day.
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