Iraqi Kurdistan govt rejects media reports on $1 bln oil incomes

by **Ponee** Fri Nov 04, 2016 11:26 am

HEWLÊR-Erbil, Iraq’s Kurdistan region,— Iraq’s Kurdistan Regional Government (KRG) Ministry of Natural Resources has said its monthly reports include accurate figures pertaining to KRG’s oil production, exports and incomes, rejecting recent media reports claiming that the ministry generates “about $1 billion per month”.

In a press release dated November 3rd, the ministry calls a recent report by the independent NRT news channel as “baseless and untrue”.

The media outlet claimed “KRG sells nearly one million barrels of oil per day (bpd) and the revenue amounts to about $1 billion per month, which could provide for the salaries of all employees in the Kurdistan Region”.

According to the statement, detailed figures on KRG’s oil and gas industry are available in monthly reports that the ministry issues after Deloitte organization inquired.

Citing an anonymous source, NRT claimed in a recent report that KRG’s oil production from all fields amounts to 910,000 barrel per day, and it earns nearly $1 billion every month.

In its report on Tuesday, citing information from a foreign source knowledgeable about the region’s oil, NRT said the KRG produces, exports and sells about one million barrels per day (bpd) via pipeline, oil trucks and refineries.

Nearly $350 million remains from money the KRG generated through oil revenue in a month, which could be used for projects and activities.

Both ruling families in Iraqi Kurdistan of Massoud Barzani and Jalal Talabani and their relatives control a large number of commercial enterprises in Iraqi, with a gross value of several billion US dollars. The two family is routinely accused of corruption and nepotism by the opposition as well as international observers.

Barzani has been accused by critics of amassing huge wealth for his family instead of serving the population. Barzani’s son is the Kurdistan region’s intelligence chief and his nephew Nechirvan Barzani is the prime minister.

One of the most sensitive subjects is the Barzanis’ involvement in the economy of the rich oil Kurdish region.

The Kurdish opposition politicians say billions of dollars are missing from oil export revenue. Kurdish MP Ali Hama Salih said in April 2016, $1.107 billion from Iraqi Kurdistan oil revenue missing in 1st Quarter of 2016.
Observers believe that many of the oil industry projects in Iraqi Kurdistan are conducted in a non-transparent way. Some have even described them as secretive.
http://ekurd.net/kurdistan-rejects-oil-incomes-2016-11-04