Business | Oil & Gas

Kurdistan team to present energy package to Baghdad in two weeks

A delegation from the Kurdistan Regional Government of Iraq (KRG) will travel to Baghdad in two weeks to present a package to Parliament, hoping to reach an agreement on the federal oil law, according to Nechirvan Barzani, Prime Minister of KRG.

  • By Suzanne Fenton, Staff Reporter
  • Published: 00:11 June 4, 2008
  • Gulf News

Dubai: A delegation from the Kurdistan Regional Government of Iraq (KRG) will travel to Baghdad in two weeks to present a package to Parliament, hoping to reach an agreement on the federal oil law, according to Nechirvan Barzani, Prime Minister of KRG.

Barzani said a delegation from Kurdistan will go to Baghdad in two weeks to present to Parliament a "complete package". Kurdistan and Baghdad have delayed drafting the law for over a year.

Referring to the dispute between Kurdistan and Iraq over hopes for an Iraqi federal oil law, Barzani said it was not a dispute but a matter of two different views.

"It's about approach. It's about two different views on how to do the deal. We think Iraq needs more oil for exports. Iraq has a capacity to export six million barrels a day. They have a different view. They are fine with the two million that they have. It's not about Kurdistan and Baghdad or Kurds and Arabs, it's absolutely an economic matter," Barzani said.

Barzani said Kurdistan pumps around 150,000 barrels of oil per day and in "about two years from now", this will be boosted to one million barrels per day. "This year the Iraqi budget is about $50 billion. Almost $10 billion is for sovereign expenditure and $8 billion is for joint expenditure. About $32 billion remains and from this, Kurdistan gets around 17 per cent," Barzani said.

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