KRG "Remains Committed" to Oil and Gas Contracts

By John Lee.

The Prime Minister of the Kurdistan Regional Government (KRG) has assured the region's partners in the oil and gas sector that the KRG "remains committed" to the contracts that have been signed with energy companies.

Masrour Barzani told the Global Energy Forum 2022 that the contracts are "in line with our oil and gas law and the Iraqi Constitution and they are a bedrock of our shared future".

He added:

"The sanctity of the contracts are just as important to my government as they are to you ...

"Investors in Kurdistan have the right to receive regular payments. Ensuring this happens is a core focus of my cabinet, which will clearly help secure future investment. We value the investment and partnership of all the energy companies who are in Kurdistan - I know you have maintained commitment through the challenges ...

"We in Kurdistan have long sought mechanisms for the federal distribution of oil and gas revenues across all of Iraq. That's what the Constitution calls for, and the only practical way forward for both Baghdad and us."

His comments follow the recent Federal Supreme Court ruling that sales of oil and gas law by the KRG, independently of the central government in Baghdad, are unconstitutional.

Barzani described the ruling as "unconstitutional and blatantly political."

(Source: KRG)

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