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Northern Iraq’s Kurdistan Regional Government (KRG) has completed payments to international oil companies (IOCs) for November oil exports, following Anglo-Turkish independent Genel Energy’s 14 December confirmation that it had received a $30mn payment to split with China’s Sinopec, its partner at the 130,000 b/d Taq Taq field.
However, the payment was considerably delayed, and with the KRG’s already strained economy set to take a further hit from the post-Opec meeting oil price slump, prospects for timely payments this month appear slim. Attention is already turning to the calendar as the deadline for the December payments looms.
KRG PAYMENTS: FULL BUT UNTIMELY
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