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FINANCIAL NEWS
Iraq’s Kurdistan resumes crude exports to Iraq in 2011
06 Dec 2010
(MENAFN) Iraq’s Oil Minister, Hussain Al Shahristani, revealed that Iraqi crude oil exports from the self-ruled Kurdish region will resume in early 2011 after a more than a yearlong break, due to a dispute over payments, AP reported.
According to Al Shahristani, exports from the north had come to a halt a few months after they resumed in June 2009 amid a disagreement between the Baghdad government and Kurdish officials over payments. The Kurds have sought greater control over oil in their crude-rich region while Baghdad has argued that the oil is a national resource, under the central government’s control.
The Kurdish government, which sits on nearly half of Iraq’s oil reserve, has committed to exporting 150,000 barrels per day (bpd) to Iraq by next year, said Al Shahristani.
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