KTFA
FRANK26: "WHAT ARE YOU GUARANTEEING?".....F26
Iraq "officially" reassures energy companies in the Kurdistan Region and pledges to pay their dues.
4/16/2025
On Wednesday, Iraqi Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul-Ghani revealed details of the latest developments in the oil file between Baghdad and Erbil, stressing that the budget law has been amended to ensure the payment of dues to companies operating in the Kurdistan Region and to provide them with official guarantees.
(IN MY OPINION, NEW EXCHANGE RATE AMENDED -F26)
In a speech he delivered during his participation in the Ninth Sulaymaniyah Forum, which was monitored by Shafaq News Agency, Abdul Ghani said, "The federal government held negotiations with the region that resulted in amending the budget law with the aim of covering the wages of companies operating in Kurdistan, and the law has already been amended to achieve this purpose."
He added, "We reassured the region's producing companies by obtaining an official letter signed exclusively by the Minister of Finance, including a pledge to pay those companies' dues. This restored confidence and allayed fears."
Abdul Ghani continued, "The amount of oil produced in the Kurdistan Region is deducted from Iraq's OPEC quota. We were forced to reduce federal production so as not to affect Iraq's overall quota, but this has had a negative impact on exports."
He stressed that the Federal Prime Minister's visit to the Kurdistan Region and his meetings with officials there "had a significant impact in accelerating the pace of negotiations between the two sides and achieving the latest understandings."
These statements come amid intense efforts to unify oil policy between Baghdad and Erbil, amid challenges related to exports and international obligations. The government hopes to build trust with companies and ensure stable production and exports.