Iraqi oil minister hopeful deal to resume exports with KRG can be reached in days - Rudaw
Iraqi oil minister said that he is optimistic a deal to resume oil exports could be reached with the Kurdistan Regional Government (KRG) in coming days, Erbil-based Rudaw TV reported on Tuesday. Hayan Abdel-Ghani told Rudaw that KRG production sharing contracts are "not acceptable", saying he proposed to the KRG and foreign oil companies operating in Iraq's semi-autonomous Kurdistan to change current contracts to profit-sharing ones.
![Iraqi oil minister hopeful deal to resume exports with KRG can be reached in days - Rudaw](https://devdiscourse.blob.core.windows.net/imagegallery/27_06_2019_18_18_25_2697677.jpg)
- Country:
- Iraq
Iraqi oil minister said that he is optimistic a deal to resume oil exports could be reached with the Kurdistan Regional Government (KRG) in coming days, Erbil-based Rudaw TV reported on Tuesday.
Hayan Abdel-Ghani told Rudaw that KRG production sharing contracts are "not acceptable", saying he proposed to the KRG and foreign oil companies operating in Iraq's semi-autonomous Kurdistan to change current contracts to profit-sharing ones. Abdel-Ghani told Rudaw that the federal constitution precluded production sharing contracts in the region. "This is why we proposed changing the contract formula to profit-sharing contracts".
The oil minister said that recent contracts between the federal oil ministry and international energy companies following Iraq's fifth oil and gas bidding rounds were "all based on a profit-sharing formula and not sharing production".
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Abdel-Ghani
- Hayan Abdel-Ghani
- Erbil
- Kurdistan
- Iraq
- Rudaw TV
- Rudaw
- Iraqi