The recent temporary agreement between Baghdad and the Kurdistan Regional Government (KRG) has come as a welcome relief to investors in Iraq’s Kurdish north. The deal, which allows for payments to compensate foreign oil companies for their investments, will enable them to expand capacity and give the KRG crucial breathing space.
The Kurds have announced they are building an independent crude export pipeline to Turkey and on 14 October, KRG Natural Resources Minister, Ashti Hawrami reiterated the Kurds’ plan to become self-sufficient in oil products once a 60,000 b/d expansion to the 40,000 b/d Irbil refinery is complete next year. A 10 October presentation by KRG investor, Genel Energy, said that a 150,000 b/d pipeline from its 90,000 b/d Taq Taq field to the Khurmala Dome would be ready by December. (CONTINUED - 332 WORDS)