MESOP : FRAGIL REVENUE STATES Al-Shahristani: Kurdistan & Kirkuk Oil Revenue is $13 Billion / Combined revenue makes up the 17% of Kurdish Iraqi budget share

Shama Abdulla – BAGHDAD – BasNews – 7 Dec 2014 – Former deputy prime minister for energy affairs Hussain al-Shahristani has claimed that the combined Kurdistan and Kirkuk oil revenues are as large as the Kurdish share of the federal budget.

The veteran Shi’ite politician and current Minister for Higher Education and Scientific Research has said that oil revenues from the Kurdistan Region and the mixed city of Kirkuk in northern Iraq equate to roughly $13 billion, equal to the 17 percent Kurdish share of the Iraq budget. “Exports from Kirkuk stand at about 300,000 barrels of oil per day and 250,000 barrels from the KRG. In the current market that’s about $13 billion, which equals the 17% share of the Iraqi budget to which the KRG is entitled,” added al-Shahristani. Al-Shahristani was a member of the Iraqi negotiation team that met with the KRG delegation last week. In the meetings the two sides finally reached an agreement on oil and budget issues. Al-Shahristani said that any increase in oil production will benefit the country. The agreement requires Kurds to export 300,000 barrels of oil from Kirkuk daily, to be sold through the Iraqi oil marketing organisation (SOMO) as well as 250,000 Kurdish barrels of oil per day.