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Barzani: oil revenue to be deposited at Turkish Halkbank

KRG oil revenue to be deposited at Halkbank, Kurdish Regional Government (KRG) PM Nechirvan Barzani said Monday

07.09.2015 - Update : 07.09.2015
Barzani: oil revenue to be deposited at Turkish Halkbank


Oil revenue from exports through Turkey's Ceyhan port will, from now on, be deposited at Halkbank, the Kurdish Regional Government (KRG) Prime Minister Nechirvan Barzani announced Monday.

Previously, the money from oil exports would be paid to the KRG directly, but now the money will first be deposited with Halkbank and then it may be accessed by the KRG, Barzani said.

Under the Dec. 2, 2014 deal between the Iraqi central government and the KRG, Erbil agreed to export 300,000 barrels of oil per day from Kirkuk, and 250,000 barrels of oil per day from northern Iraq, under the supervision of Baghdad’s oil marketing company, SOMO. 

In return, Baghdad was to send the KRG a 17 percent share, of around $17 billion a year, from the federal budget. 

However, soon after the deal, disagreements emerged between the sides with Erbil claiming that Baghdad had not sent Erbil's full share from the budget, while the central government argued the KRG had not delivered the promised amount of crude oil from Kirkuk. 

Moreover, Erbil has stopped selling oil under the supervision of Baghdad since July 1, and has sought other means to export its crude oil. 

Speaking on the problems with Iraqi central government, Barzani said that he was ready to travel to Baghdad to resolve any conflict.

"We have a good dialogue and relations with Baghdad," Barzani assured.

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