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Genel to keep crude exports after KRG received oil payment from Baghdad
- Iraq: Tuesday, October 09 - 2012 at 03:29
Genel Energy, the leading oil producer in Iraqi Kurdistan, has said it would keep crude exports flowing after the Kurdistan Regional Government (KRG) finally received an initial payment from Baghdad, Reuters has reported. Iraq's finance ministry issued an initial payment early last week, but the funds had not landed in the KRG account by Friday, prompting Genel to say it would halt exports if the money did not arrive soon. On Monday, the first instalment of $558.9m was received, a KRG spokesman said. "We won't cut exports now," president of Genel Energy, Mehmet Sepil, told the news service. "The KRG will reconcile (the payments) with all the contractors, and then we will get paid."
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