Kurdistan Should Resume Oil Exports, Minister Says

The Kurdish areas of northern Iraq should resume oil exports “immediately,” without waiting for clearance from the finance ministry, Iraqi Oil Minister Hussain Al-Shahristani said.

Kurdistan should not wait for an agreement on payments to foreign companies before resuming oil exports, he said in an interview in Baghdad today.

“We have informed them that they should resume oil exports immediately, and we are surprised at their reluctance to do so,” he said.

“This issue is not related to the ministry of finance,” he said.

The semi-autonomous region of Kurdistan has previously said that it was expecting a letter from the Iraqi finance ministry on the mechanism for payments involving foreign companies working in the province.

Iraq’s central government approved last month an agreement between the oil ministry and Kurdistan to resume oil exports produced in the province.

Companies including DNO International ASA and Genel Enerji AS halted oil exports from Kurdistan in October, about four months after they started, because there was no procedure in place to pay them.

DNO International rose as much as 1.9 percent in Oslo, after Shahristani’s comments. The shares were up 4.2 percent today at 8.185 kroner at 10:10 a.m. GMT

( Bloomberg )

By Kadhim Ajrash and Nayla Razzouk

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