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The Kurdistan Regional Government of Iraq announces the establishment of two oil companies The Kurdistan Regional Government of Iraq announces the establishment of two oil companies June 17, 2022 11:03 am Mubasher: The Kurdistan Regional Government in Iraq announced the start of work on the establishment of two oil companies: the first in the name of (Kroc), which is specialized in oil exploration, and (Como), which specializes in the export and marketing of oil. The spokesman for the Kurdistan Regional Government, Jutiar Adel, said in a statement to a number of media outlets, including the correspondent of the Iraqi News Agency (INA), that "negotiations with Baghdad are continuing regarding the oil and budget files and the rest of the files." And he indicated that the Kurdistan Regional Government agreed with the current Prime Minister, Mustafa Al-Kazemi, regarding these two files, which ended with the 2021 budget agreement. He added, "Many wonder about the Kurdistan government's failure to hand over oil imports to the center, as it was agreed, according to the budget law, to hand over 250 thousand barrels of oil to the "SOMO" company after auditing the region's expenditures and imports, and it was agreed to hand over the center to the region of 320 billion dinars per month until the audit is done. However, it was reduced to 200 billion dinars for no apparent reason. The spokesman indicated that the issue of negotiating with the federal government over the oil file has taken a lot from the life of the current regional government. The spokesman pointed out that the regional government provided all the information to the Federal Financial Supervision Bureau (imports, expenditures and property), but the federal government sent during the current year only three payments as (200) billion dinars per month. He stressed, "the need for coordination between the two governments, as any break in the relationship will affect the two parties with many issues," explaining that "the Kurdistan Ministry of Natural Resources operates according to Iraqi law, and that lawsuits continue between Baghdad and Erbil regarding the oil file." Adel pointed out that "the Kurdistan Regional Government is continuing to negotiate with the Center on the oil file, and the legal procedures in the court expect a settlement in its favour." Adel stated that "the Kurdistan Regional Government has a contract with Turkey for a period of 50 years to transport oil only through the Turkish Ceyhan and not to sell it." Production and selling prices of the region's oil Adel explained that "the region produces 400 to 420,000 barrels of oil per day, most of which is exported, and 25,000 barrels remain for local consumption," explaining that "this quantity is sent to the (KAR) refinery to produce about one million liters of gasoline and the rest of other derivatives." And he indicated that "the price of a barrel of oil in the region is different from the price of a barrel of oil in the federal government because of" the cost of extracting oil in Kurdistan is 3 times greater than the cost of extracting it in the rest of Iraq because of the terrain and oil specifications.
