Payment comes amid a worsening financial crisis in the autonomous region
The Kurdistan Regional Government (KRG) has authorised a payment of $15m to the London-listed oil and gas company Gulf Keystone Petroleum.
In a statement released on 19 February, Gulf Keystone said that $5.8m is being paid for crude exports from the Shaikan oilfield in January 2016 and $9.2m is being paid to reduce the KRGs debt to the company.
On 1 February, the KRG announced that it intended to pay international oil companies according to their contractual entitlements in 2016, in a bid to restore confidence and increase production.
Iraqi Kurdistan is enduring a worsening financial crisis driven by the ongoing war with Islamic State of Iraq and Syria (Isis) and reduced revenues due to the collapse in global oil prices.
You might also like...
Faisal Mohammed Alfaqeer takes office as new Sabic CEO
01 April 2026
Iranian missiles hit Qatari and Kuwaiti fuel tankers
01 April 2026
One killed and one injured in drone attacks on the UAE
01 April 2026
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.
Take advantage of our introductory offers below for new subscribers and purchase your access today! If you are an existing client, please reach out to your account manager.
