Friday, November 27, 2015

KRG plans 10 bcm in natural gas exports to Turkey in two years

hurriyet : "The KRG has an estimated 5 trillion cubic meters of gas in its territory, the Genel Energy chair said, adding that the region could reach gas exports of up to 20 bcm to Turkey and to Europe through Turkey with the entrance of other companies to the KRG market before the end of the 2020s.

Long-running disagreements between the KRG government in Arbil and the Iraqi government in Baghdad persist over the distribution of the region’s oil revenues.

KRG officials say they have opted to directly sell their oil to customers, rather than through the Iraqi state’s oil company, SOMO, because Baghdad continues to delay agreed upon payments to Arbil. A separate oil agreement between Arbil and Ankara was inked in 2013.

“We faced huge budget deficits in the first half of this year because we only received around $2 billion of the expected $7 billion of oil income. We therefore needed to sell our oil by ourselves,” Hawrami said, as quoted by Anadolu Agency.

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