KRG signs oil and gas audit agreement with Ernst & YoungBy Rudaw [ltr]18 minutes ago [/ltr]
Prime Minister Nechirvan Barzani signs deal with Ersnt and Young, one of the largest professional and financial services in the world in Erbil on Wednesday. Photo: KRG
ERBIL, Kurdistan Region – The Kurdistan Regional Government (KRG) has signed an agreement with the UK-based Ernst and Young, one of the largest professional and financial firms in the world, to audit the region’s oil and gas processes.
Prime Minister Nechirvan Barzani said the agreement will help increase transparency.
“The agreement will further strengthen the transparent and independent auditing process for oil and gas sector,” Barzani said, according to a statement from his office on Wednesday, adding that “transparency in the sector is his government’s top priority.”
Senior government officials and the Head of British Consulate-General in the Kurdistan Region participated in the signing ceremony, which took place at the Council of Ministers in Erbil.
It is the second agreement in less than two months after the KRG signed a similar agreement with Deloitte in early October.
Deloitte is the largest professional and financial services company in the world. As part of the October agreement it will conduct an audit of the Kurdistan Region’s oil production, exportation, and revenues.
Deloitte will audit all aspects of the oil and gas industry in the Kurdistan Region, including production, exports, sales, internal use, refineries, and bonuses, the statement detailed.
According to the agreement with Deloitt no Ministry of Natural Resources (MNR) report will be published without first being reviewed by the firm.