(MENAFN- The Journal Of Turkish Weekly) The Iraqi Kurdish Regional Government (KRG) has the support of its parliament on deciding to go it alone in oil exports if the central Iraqi administration does not pay Erbil's share of the budget, diplomatic sources have said.
The KRG Prime Minister Nechervan Barzani met with a parliamentary group representing all parties Wednesday, and ensured their backing in the case of a potential break with Baghdad, according to the sources.
Barzani also reportedly said that an oil company was ready to pay $2 billion for Kurdish oil, and it was one of many international firms eager to do business with the KRG, said the sources.
On Dec. 2 2014, Erbil and Baghdad agreed that Iraq would export the KRG oil and in exchange, the central government would give Erbil a share from the federal budget.
According to the agreement, the KRG was to export 250,000 barrels of oil per day, with the Kirkuk province providing 300,000 barrels per day under the supervision of central oil marketing company. In return, Baghdad was to provide 17 percent of the national budget to the KRG.
There have been numerous disputes between Erbil and Baghdad due to the amount of crude oil being exported. While Erbil accuses the central government of failing to provide its full share from the national budget, Baghdad claims the KRG has not delivered the promised amount of crude oil from Kirkuk.
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