Monthly Archives: January 2011

Kurdistan Confirms Oil Export Agreement

January 24th 2011

iraq-businessnews.com

Kurdistan Region Prime Minister Barham Salih (pictured) this week in Baghdad met Iraq’s Prime Minister Nouri Al-Maliki and other Iraqi officials. They discussed this year’s budget and agreed that oil exports from the Kurdistan Region would resume by February.

At a joint press conference following the meeting, Prime Minister Maliki described their discussion as positive and said, “One of the meeting’s key achievements was agreeing on the resumption of oil exports from the Kurdistan Region.”

As well as deciding to resume Kurdistan’s oil exports, Prime Minister Salih and Prime Minister Maliki agreed that the Kurdistan Region will keep a share of its crude oil to supply its local refineries and power plants.

Prime Minister Salih said that the Kurdistan Regional Government (KRG) and the federal government have agreed to review the draft law for Iraq’s 2011 budget, and that their respective finance ministries will work on the review together. A delegation from the Federal Ministry of Finance will visit the Kurdistan Region for discussions. On Tuesday the Iraqi parliament held a first reading of the budget bill, but it included inaccuracies about the KRG’s share of the budget. The Kurdistan Alliance bloc has demanded that the bill be returned for amendments.

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Ministry of Oil Sends Contracts of Alseeba and Almansouria Fields to Council of Ministers for Approval

January 12th 2011

The Iraqi Ministry of Oil has sent the contracts of Alseeba and Almansouria fields among the third licenses rounds to Council of Ministers for approval.

Director General of contracts and licenses at Ministry of Oil Mr. Abdul Mahdi Alamidi said that the two contracts of the fields have been sent to Council of Ministers days ago after the Ministry signed the contracts by initials with the contractors. The Council of Ministers may ratify the contracts during the next sessions he added. Al-amidi confirmed that developing the gas fields at the third licenses rounds meets the requirement of the electric stations of gas as well as the local need, and all the industries related to gas, indicating that the surplus shall be exported after production improvement.

To be noted that three international companies gained contracts of developing 3 gas fields according to third licenses rounds. These fields are Al-seeba in Basara, Al-mansouria in Diala and Akaz in Al-anbar.