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Kurdistan: Oil revenues hit $1.550bn in August

Region decided on June 24 to increase exports to 500,000 crude barrels

The Ministry of Natural Resources in the Kurdistan region announced that oil revenues during August surpassed expectations and reached $1.5 billion.

The ministry confirms that the region managed to overcome most financial obstacles for 2014, Iraq-based AlMada Press reports.

The ministry reveals in a statement that it has achieved an increase in oil revenues despite political and economic problems, adding that, since August 20, the ministry started selling oil directly to buyers who paid $1.24bn in addition to $187.5 million, which was added to the region’s accounts in Kurdistan International Bank, for the region’s finance ministry.

The statement adds that the Kurdistan regional government and the five Kurdish parties approved the agreement to sell the region’s oil directly since last June and the government managed to provide its expenses, employees’ wages and pay the oil companies’ dues.

The statement points out that the Kurdistan region decided on June 24 to increase oil exports to 500,000 crude oil barrels from the region’s fields.

The statement called Ministry of Finance in Kurdistan to prevent any interference by any political party and called all to work for Kurdistan and for a better life for its citizens.