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FINANCIAL NEWS
Iraq- Kurds restart pumping oil
08 Aug 2012
(MENAFN) Kurdish Natural Resources Minister, Ashti Hawrami, stated that following 4 months of suspension, the autonomous region restarted producing oil to be exported via the Baghdad government’s pipeline, reported AP.
Hawrami said that the pumping, which started on Tuesday, is planned to reach 100,000 barrels per day (bpd) in 2 days.
The Kurdish region and the central government of Baghdad reached a tentative agreement in 2011, under which the Kurds will send crude to Baghdad which will sell it, with revenues to be split 50:50 between the two.
Nevertheless, the Kurdish region stopped pumping oil in April, saying that the central government didn’t send them their share of oil revenues.
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