KRG Tightens Grip on Oil with Kirkuk Deal

By John Lee.

The Kurdistan Regional Government is cementing control over oil produced in the north of the country by agreeing to sell crude pumped in the contested province of Kirkuk, according to a report from Bloomberg Business.

Kirkuk Governor Najmuddin Omar Karim (pictured) told Bloomberg that the agreement covers oil produced in Kirkuk, which Kurdish forces occupied after federal troops fled the area ahead of advancing militants from the Islamic State group (IS, ISIS, ISIL, Daesh) in mid-2014.

He added that the KRG, which is exporting Kirkuk crude with their own oil through the pipeline to the Turkish port of Ceyhan, has agreed to deposit $10 million a month into a dedicated bank account for Kirkuk.

(Source: Bloomberg Business)

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