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FINANCIAL NEWS
Kurdistan to pump oil to Iraq
05 Feb 2011
(MENAFN) Abdul al Hassani, the vice chairman of the Iraqi parliament’s oil and gas committe, said that Iraq’s Kurdistan is applying tests on old infrastructure that had been unused for a long time as Kurdistan plans to use it for continuing oil exports to Iraq this month, reported The National.
Hassani said that as agreed, Kurdistan would provide at the beginning 100,000 barrels per day. The Norwegian company that pumps oil from Kurdistan, DNO International, said that tests are being run for raising output from Tawke oilfield to 50,000 bpd, up from the current production of only 10,000 bpd.
It is worth noting that in January, Iraq’s central government and the Kurdistan regional government signed an agreement to resume Kurdish oil exports and pay foreign producers. As oil prices are increasing internationally, Iraq aims to increase oil exports that provide the majority of the country’s foreign revenue.
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