“It augurs well for the timely passage of a federal hydrocarbons law, a federal revenue sharing law, and the other federal oil legislation,” the Prime Minister said, adding, “Articles 18 and 19 of the KRG’s Oil and Gas Law, passed in 2007, explicitly commit the KRG to cooperation with the federal government in pursuance of the federal constitution requirement to 'generate maximum revenues in a timely manner for the benefit of the people of Iraq'.”
Prime Minister Salih said, “The new federal laws would be in harmony with the KRG’s existing Oil and Gas Law” and “would provide stability and the regulatory glue that holds Iraq together.”
He said, “The KRG’s management of oil and gas fields has, since 2007, attracted over US$10 billion new investment in exploration and development activities from more than 40 companies from 17 countries around the world, and this should be harnessed to its full potential for the benefit of all Iraqi people.”
Dr. Ashti Hawrami, the KRG Minister of Natural Resources, said the money from Baghdad would be allocated by the KRG to the producing companies “In line with the KRG’s contractual obligations and the contributions made by the companies to the oil export from the Region.”
Dr. Hawrami said, “The payments will be reinvested by the companies to boost production levels in the Kurdistan Region” and, “in due course, significantly boost Iraqi and thereby KRG revenues.”
“In the period 27 March – 29 April, a further 4.5 million barrels of oil were exported from the Kurdistan Region through Turkey, at an average rate of 135,000 bpd”, said Dr. Hawrami. He noted: “The start of the payments will only serve to add confidence in and further strengthen our policy which is on track for an increase in oil export to 200,000 bpd by the end of this year.”
(Source: KRG)
I guess they don't need a big RV to make the payments. Frank 26...... You are wrong again! Keep pumping!