Kurdistan Region pays oil companies despite financial crisis
Story summary
The Kurdistan Regional Government in Iraq paid $35 million this month to foreign oil companies' salaries, despite the continued financial crisis resulting from the decline in oil prices and the coronavirus.
According to Proactive Investors, the Iraqi Kurdistan Regional Government paid $35 million this month to foreign companies that extract oil from the Taq Taq and Tavga oilfields as their June payments.
The London-based Genel Energy Company announced that it received $9.8 million of the payment as its share in the two oilfields.
The company said the oil production in the Tavga oilfield has decreased as a result of the outbreak of coronavirus and the sharp drop in oil prices worldwide and the production is expected to continue to drop from 115,000 barrels a month in the first four months of 2020 to about 100,000 barrels, it said.
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