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The Kurdistan government mortgages oil to companies in exchange for delaying the payment of financial dues
15:33 - 04/18/2020
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The London-based General Energy Company has announced that the Kurdistan Regional Government will postpone payment for oil sales to the company between November of last year and February of this year with a commitment to pay for the following months.
The company stated on its website in a report translated by the agency / information / that “the regional government pays the money to the DNA or Norwegian companies and Genel Energy to pump oil through the territory of the region”, while the company explained that “paying the bills related to oil sales from the month of November 2019 to February In 2020 it will be postponed without interest for at least nine months. ”
She added, "If the oil price recovers to about $ 50 a barrel, a payment program will be established to recover the deferred invoices," while not mentioning the amount lost as a result of the postponements. Payment mechanism. ”
Analysts at DNB Bank said in a research note that "the payments will help to provide short-term liquidity for the companies Genel and DNO, but the payments have remained difficult since the Kurdistan Regional Government needs an oil price ranging between 50 and 60 dollars a barrel to balance its budget."
"The deferred payments amounted to $ 300 million, three quarters of the share of DNA, and the remaining quarter of Geneal Energy," the analysts said.
It is noteworthy that, "Crude oil prices have collapsed this year amid the outbreak of the Coruna virus, as Brent benchmark crude fell almost 60% so far to about $ 28 a barrel on Friday, while [You must be registered and logged in to see this link.] announced earlier last week that the Kurdistan region is covered by cuts. Oil production as part of an agreement between OPEC, Russia and other producers. Ended / 25 z
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