Workers seen in an oil field of Iraqi Kurdistan. File photo
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QAMISHLI – Iraqi Kurdistan has earned $479.36m from oil exports to Turkey in June, the Kurdistan Regional Government’s Ministry of Natural Resources (MNR) said on Monday.
The Kurdish government exported 15,427,074 barrels of crude oil, or an average of 514,236 barrels per day in the month of June through the oil pipeline work to Ceyhan in Turkey, earning in total $479.36m.
The revenues plus other locally generated income by the MNR will be used to pay the salaries of employees of the Kurdish government.
Oil exports help the Kurdistan Regional Government (KRG) to pay its employees during an economic crisis, as the fight of the Kurdish Peshmerga continue against radical group of the Islamic State (ISIS). The KRG has had difficulties in paying its employees due to Baghdad cutting the KRG budget, and the low oil prices.
As a result, the US government decided to allocate $415 million USD to Kurdish Peshmerga forces in April, fearing the lack of salaries for Peshmerga fighters could negatively affect the war against ISIS.
In May, the KRG exported 15,904,271 barrels of crude oil (an average of 513,041 barrels per day (bpd)), earning a total amount of $315,486,101 after paying $75,262,856 to six contractors and shippers.
Reporting by: Wladimir van Wilgenburg
Source: ARA News