Russia's Rosneft and Kurdistan Regional Government (KRG) have announced the start of joint implementation of an infrastructure project for the operation of the oil pipeline in the Kurdish Autonomous Region.
According to a statement from Rosneft, its share in the project "may amount to 60%".
"The other project participant with 40% share will be KAR Group, who is the current pipeline operator," it added.
Rosneft Chief Executive Officer Igor Sechin (pictured) said:
"The entry into the infrastructure project will contribute to achievement of Rosneft’s strategic objectives and will enable Rosneft to enhance the efficiency of oil transportation to the end customers including supplies to the Company’s refineries in Germany".