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The Kurdistan government is postponing payments to the "Jinel" and "Gulf Keystone" oil
Economy News - Baghdad
The London-based oil production companies, Genel and Gulf Keystone, have reported that the Kurdistan Regional Government of Iraq has postponed payments due to them for a few weeks.
Gulf Keystone stated that it had received a notification from the Kurdistan Regional Government's Ministry of Natural Resources stating that payments related to oil production for August and September due in November and December will be made in January 2020, according to Reuters.
Genel issued a statement identical to Gulf Keystone.
It is noteworthy that the payments due to the two companies come against production sharing contracts concluded with the Kurdistan Regional Government.
Genel produces about 37 thousand barrels per day, net in Kurdistan, while Gulf Keystone produces just a little more than 30 thousand barrels per day in total in the region.
A spokesman for Jinel said: "The payments have been regularized for more than four years and we are confident of the Ministry of Natural Resources' ability and willingness to pay and pay the arrears as announced."
He continued: "This is a temporary issue and it does not affect our positive view of work and investment in the Kurdistan region of Iraq."
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