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Friday, May 6, 2011     GET REAL

Kurdish Regional Govt. gets first oil payment from Iraq

BAGHDAD — Iraq has relayed its first crude oil export revenues to the autonomous Kurdish zone.


A Kurdish Regional Government said the autonomous region received $243 million from Baghdad in the first payment of an oil revenue agreement reached in 2010. The agreement called for Baghdad to sell Kurdish oil and transfer about half of the revenues to the north.

A KRG statement said the first payment was for sales from the export of more than five million barrels of oil in February and March.

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KRG has been assigned responsibility to pay foreign and local companies involved in oil exploration, development and production.

Companies from Norway and other countries have been searching for oil and natural gas in the Kurdish zone. KRG and Baghdad have been disputing control over energy reserves in the Kirkuk area.

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