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What are the demands of foreign companies operating in the region? Rejection, guarantees and direct transfer
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Baghdad today - Baghdad
Today, Saturday (November 18, 2023), economic expert Nabil Al-Marsoumi revealed the most prominent demands of foreign companies operating in the Kurdistan region.
Al-Marsoumi referred in a blog post followed by “Baghdad Today” to “the demands of foreign companies operating in Kurdistan,” indicating that they “refuse to amend the current commercial conditions and the economic model signed between them and Kurdistan after the Federal Ministry of Oil demanded that production-sharing contracts be converted into profit-sharing contracts.”
The economic expert added: "Foreign companies also demanded a guarantee of payment for past and future oil exports, as losses amounted to more than $7 billion in export revenues since the closure of the Iraqi-Turkish pipeline at the end of last March."
Al-Marsoumi noted that it also demanded that “the expected oil sales payments be transferred directly to foreign companies.”
Earlier, Oil Minister Hayan Abdul Ghani said that he expected to reach an agreement with the Kurdistan Regional Government and foreign oil companies operating in Kurdistan to resume oil production from the region’s oil fields within three days.
Abdul Ghani said during a visit to Erbil that Iraq had reached an “understanding” with Turkey regarding the resumption of northern oil exports via the Iraq-Turkey pipeline.
The Norwegian oil company DNO had previously announced that it would refrain from producing oil and exporting it through pipelines in the Kurdistan region until the problem of late payments, estimated at about one billion dollars, was resolved.
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