Wednesday, 8 August 2012

Crude oil pumping resumes in Iraq's Kurdish region

Pumping of crude oil earmarked for export has resumed in the Iraq's self-ruled northern Kurdish region through the central government's pipeline after halting it for four months over a payment row. The region's Natural Resources Minister Ashti Hawrami said the pumping has started and it is projected to reach 100,000 barrels a day within two days.
In 2011, a tentative deal was reached between the two administrations to allow the Kurds to send crude to Baghdad, which then sells it. Each side takes 50 percent of the revenues. But pumping was stopped in April by the Kurds who claimed that Baghdad failed to send them the money.
The Kurds and Baghdad are in a long-running dispute over the right to develop the region's resources.

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