KRG yet to deliver oil to federal government: SOMO official

Iraqi and Kurdistan’s flags

SULAIMANI (ESTA) — The Kurdistan Regional Government (KRG) has not delivered any quantity of crude oil to the federal government, Iraq’s state oil marketer (SOMO) said, according to state news agency (INA).

The KRG needs to hand over revenues generated from the Region’s oil exports of 250,000 barrels per day according to the federal budget for 2021, INA cited SOMO’s general director Ala al-Yasiri as saying on Saturday.

“The Kurdistan Region has not delivered any quantity of crude oil to be marketed by the Oil Marketing Company,” Yasiri was quoted as saying.

After months of wrangling, the KRG and the central government reached an agreement on thorny issues, including oil and non-oil revenues.

Under the 2021 budget law, the Kurdistan Region will be committed to produce 460,000 barrels of oil per day (bpd).

After deducting expenses for production operations in the Region, transport of oil and the domestic consumption of crude oil, the KRG must hand over to Baghdad revenues generated from regional oil exports of 250,000 bpd, according to Iraq’s SOMO pricing, as well as 50 percent of non-oil revenue.

The Kurdistan Region, in return, will receive its share of the budget.

Previous Article

Greece opens new migrant holding camp on island amid tougher policy   

Next Article

Iraqi forces foil attack targeting Arbaeen pilgrimage in Karbala

Related Posts