Iraq to Pay Expenses to Oil Firms in Kurdish Region

The Iraqi oil ministry has agreed with its Kurdish counterpart to pay exploration costs and expenses to the foreign firms working in the Kurdistan Region of Iraq, according to a report from Reuters.

Spokesman Asim Jihad told the agency that the State Oil Marketing Organisation (SOMO) will be responsible for payments to the companies, which will be made through the Kurdish Natural Resources Ministry.

Iraq's central government confirmed on Tuesday it had reached an agreement with the Kurdish authorities to resume oil exports from the semi-autonomous region on Feb. 1, starting at a rate of 100,000 barrels per day.

(Source: Reuters)

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