Iraqi Oil Minister Hayan Abdul-Ghani announced Saturday that foreign companies must follow the new Kurdistan Region export agreement. The deal requires all international firms operating in the area to honor their signed commitments. Companies will export between 180,000 and 190,000 barrels per day while keeping 50,000 barrels for regional refineries.
The agreement pays companies $16 for each barrel they produce under federal budget rules. Oil began flowing Saturday morning at 6:50 from Peshkhabour field through the Iraq-Turkey pipeline to Ceyhan port. The restart ends a suspension that lasted more than two years.
Economic experts predict the deal will generate over $3 million daily for Iraq's treasury. The additional monthly revenue of $100.8 million should help resolve delayed government salary payments in Kurdistan Region.
The agreement pays companies $16 for each barrel they produce under federal budget rules. Oil began flowing Saturday morning at 6:50 from Peshkhabour field through the Iraq-Turkey pipeline to Ceyhan port. The restart ends a suspension that lasted more than two years.
Economic experts predict the deal will generate over $3 million daily for Iraq's treasury. The additional monthly revenue of $100.8 million should help resolve delayed government salary payments in Kurdistan Region.
