KRG Min. of Natural Resources Publishes Annual Report

The report also draws attention to the fact that due to economic sanctions on the KRG by Baghdad, the KRG has under utilized its entitlement to 17% of Iraq’s crude oil refining and internal consumption since 2007. The data show the KRG has under utilized its quota by around 98 million barrels.

Minister of Natural Resources Ashti Hawrami said the publication of the Annual Financial Report highlighted the important work of MNR in underpinning the social and economic wellbeing of the people of the Kurdistan Region.

Minister Hawrami said:

“Since the KRG passed its oil and gas law in 2007, MNR has presided over the impressive growth of the oil and gas industry in the Region, generating billions of dollars that have benefitted each and every citizen of Kurdistan, and also those of the rest of Iraq.

“Thanks to the progressive energy policies pursued by the KRG since 2007, oil and gas have become a key source of our future social, economic and political strength.Our policies will continue to ensure that management of the Region's revenues and economic independence are firmly established and managed locally and professionally, as provided for under the federal Constitution.”

To see the full version of the Annual Financial Report for 2013, please click here.

(Source: KRG)