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Iraq Intends To Establish Oil Operations Company In Kurdistan

Iraq Intends To Establish Oil Operations Company In Kurdistan 28.10.2020

Iraq Intends To Establish Oil Operations Company In Kurdistan

The Iraqi government has proposed the creation of a business management company for the production and export of oil from the autonomous region of Iraqi Kurdistan, located in the north of the country. This was reported on Tuesday by the Iraqi news agency INA according to th statements from Iraqi Oil Minister Ihsan Abdel Jaber.

According to the minister, he presented a proposal to establish an oil company in Iraqi Kurdistan to manage production and export operations in the fields of the region, which will be technically and administratively linked to the autonomy authorities and the federal oil ministry. In this case, the final agreement will be reached between Baghdad and Iraqi Kurdistan similar to the agreements with oil companies operating in the Iraqi oil-producing provinces.

The oil minister noted that the authorities of Iraqi Kurdistan have a positive attitude to resolve differences over the nature of the management of oil fields in the autonomous region and the volume of crude oil exported to world markets.

Iraq is committed to the current volume of oil production cuts. Baghdad has fully reached the level of cuts in oil production set within the framework of the OPEC + agreements. The government also expressed hope for expanding cooperation with other member countries of the alliance to achieve common goals to maintain the stability of the price of crude oil in the world market.

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