Iraq Approves $560m for Kurdish Oil Payments

Reuters reports that Iraq’s central government has approved a payment of close to $560 million to oil producers in Kurdistan, following a threat from the Kurdish authorities to halt exports.

On Monday, the KRG said it had reduced exports to 50,000 bpd and warned it would stop them altogether if Baghdad was not forthcoming with payments, which it said amounted to around $1.5 billion.

“We’ve allocated 650 billion Iraqi dinars ($559.4 million) in the 2012 budget to pay the companies, which we will release after we receive the audit from the board of supreme audit,” Finance Minister Rafie al-Esawi [Rafie al-Issawi, Rafi Hiyad al-Issawi, Rafia al-Issawi] told reporters on the sidelines of the Arab League Summit in Baghdad on Tuesday.

(Source: Reuters)

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