.
.
.
.

Iraqi Kurdistan paying $75 mln to Genel, DNO, Gulf Keystone

Kurdistan Regional Government (KRG) has pledged to begin making regular payments to oil-exporting companies of up to $100 million

Published: Updated:

Iraq's Kurdistan region said on Monday it had allocated $75 million of revenue from its direct crude oil sales to three international oil companies, whose payments have been disrupted by a dispute between Erbil and Baghdad.

Genel Energy and DNO will each receive $30 million and Gulf Keystone will get $15 million, the region's Ministry of Natural Resources said in a statement.

The payments will be wired to the companies' accounts within seven days, it said.

The Kurdistan Regional Government (KRG) based in Erbil has increased its independent sales since mid-June while cutting allocations to Iraq's state oil firm SOMO in an escalating dispute over export rights and payments that led to companies going unpaid.

It pledged last month to begin making regular payments to oil-exporting companies of up to $100 million.

The ministry said last week that oil exports from northern Iraq fell by around 44,000 barrels per day (bpd) in August to an average of 472,832 bpd due to disruption of a pipeline to Turkey.

Shares in Norway's DNO jumped 5.6 percent, Genel was up 4.5 percent and Gulf Keystone rose 1.5 percent after the statement.