Iraq Makes Initial $650m Oil Payment to KRG

By John Lee.

Iraq’s, Deputy Prime Minister for Economic and Industrial Affairs, Dr Rowsh N Shaways, told Reuters on Tuesday that Baghdad’s Finance Ministry has begun payment of an initial $650 million to Iraqi Kurdistan for oil companies working in the region.

Erbil and Baghdad agreed last month to draw a line under a dispute over oil payments, after Kurdistan pledged to continue exports and Baghdad said it would pay foreign companies working there.

“The federal Finance Ministry has started transferring the first oil payment of $650 million to the Kurdish region,” said Dr Shaways, a Kurdish member of the central government negotiating team.

(Sources: Reuters, AIN)

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