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Found 1 result

  1. Iraqi oil: Russia denies a contract between Rosneft and Kurdistan Twilight News 3 hours ago The Iraqi oil minister Alexander Novak denied during a meeting with his Iraqi counterpart Jabbar al-Allaibi on Friday the conclusion of any oil contract between the Russian oil giant Rosneft and the Kurdistan Region. According to the statement received by the twilight news, Minister Novak said during the meeting in Moscow that "Russia is committed to refer to the federal government and the Ministry of Oil on the subject of oil contracts and so on and can not deviate from it." He denied the Russian minister, according to the statement, "the result of the conclusion of a contract between Russian state company Rosneft with the Ministry of Natural Resources in the Kurdistan Region," explaining that "it is a memorandum of understanding did not come into force." In a statement on June 2, Rosneft announced production sharing agreements for five concession areas and the Russian company said it would also target gas exploration in the future. "We are expanding our cooperation with Kurdistan after the first direct purchases of Kurdistan oil to Rosneft refineries in Germany earlier this year," said Igor Sechin, chief executive of Rosneft and one of Russia's closest allies to Russian President Vladimir Putin. "The agreements" set an example of heavy investment in one of the Middle East's major regions, allowing the company to expand its exploration and production activities and provide feedstock to Rosneft's growing refining network and increase the profitability of our global assets, "Sechin said in a statement. The documents were signed by Sechin and Natural Resources Minister of the Kurdistan Region Ashti Hawrami on the sidelines of the International Economic Forum in St. Petersburg, according to Reuters. Rosneft and Kurdistan also said they had agreed to "liquidate the oil export pipeline in Kurdistan" and Rosneft would have access to the region's transport system, which has a capacity of 700,000 bpd. The Kurdistan region plans to expand the pipeline to one million barrels per day or one percent of global production by the end of 2017. In recent years, the production of the Kurdistan Region of oil was led mainly by medium-sized companies, including Jinil. Larger companies such as Exxon Mobil and Chevron are still in the exploratory phase and have restored some concession areas to Kurdistan after disappointing exploration work. Rosneft said the agreements signed on Friday would allow her to talk about "full access to one of the most promising areas of growth in the global energy market." The Kurdistan Region estimates its recoverable reserves at 45 billion barrels of oil and 5.66 trillion cubic meters of gas.
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