DNO Expects KRG Payment Before Year-End

By John Lee.

The Norwegian oil producer DNO International expects the Kurdistan Regional Government to pay the company part of the money it’s owed for exports by the end of the year.

In September, Baghdad agreed to pay international companies 1 trillion Iraqi dinars ($858 million) and the KRG has received a first tranche of 650 billion dinars.

DNO Chairman Bijan Mossavar-Rahmani (pictured) told Bloomberg:

"We hope [the payment will] come by the end of the year ... I don’t expect we’ll have to wait longer than that for the first payment ... We’re optimistic that a process has started which will over time add greater transparency and predictability to the payments, on the basis of our existing contracts."

DNO was the first foreign company to drill for oil in Iraq after the U.S.-led invasion in 2003

(Source: Bloomberg)

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