(MENAFN) Iraq's government announced it has reached an agreement with the Kurdish region regarding the resolving of their longstanding disputes over the budget and oil exports, Khaleej Times reported.
Under the deal, which will begin taking effect starting January 2015, Kurdistan will export 250.000 barrels per day of oil as well as 300.000 from the disputed province of Kirkuk, while in return, Baghdad will release the Kurdistan Regional Government's share of national revenue, which had been frozen for more than a year.
Meanwhile, oil producers, including Genel and Gulf Keystone Petroleum, said that they have received initial payments for oil exports from the Kurdistan Regional Government, with Genel saying that it has received an initial gross payment of USD30 million from the KRG for oil exported via the KRI-Turkey pipeline.
Partners in the Tawke oil field, majority owned by Norway's DNO, are also expecting to receive a USD30 million gross payment from the KRG which Genel has USD24 million share in it.
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