The government of Iraq's Kurdistan region said it would continue to pursue huge financial claims against a consortium including Dana Gas, after the UAE company announced it had won an arbitration award in their long-running dispute.
A London court, ruling in a dispute that dragged on for six years, has ordered the Kurdistan Regional Government (KRG) in Iraq to pay $1.98 billion to a consortium including Dana Gas of the UAE, Dana said on Sunday.
A tribunal of
Gulf Keystone Petroleum has said it had been paid for oil exports by the government of Iraqi Kurdistan, a sign it is serious about making regular payments to producers after months of debt building up.
Oil exports from northern Iraq rose in September to an average of 600,463 barrels per day (bpd), the Kurdistan region's ministry of natural resources said.
That represents an increase of around 127,000 bpd
Oil exports from northern Iraq to Turkey have restarted after the pipeline was sabotaged earlier this week, the Kurdistan region's ministry of natural resources said on Saturday.
The flow of crude resumed on Friday following a
Kurdistan reasserted its right to export oil independently to the US and other countries despite a court ruling in favour of the Iraqi federal government, which has sought to block crude sales from the autonomous region.
Iraq's Finance Ministry has proposed a 2016 government budget worth 113.5 trillion Iraqi dinars ($99.65 billion) with a budget deficit of 29.4 trillion Iraqi dinars ($25.81 billion), according to a draft posted online on Wednesday.
Radisson Blu, a unit of the global hotel group Carlson Rezidor, has confirmed plans for a new hotel in Erbil, located in the Kurdistan region.
Scheduled to open in 2017, construction of the Radisson Blu Hotel, Erbil is currently underwa
Iraq's Kurdistan region said it expected to begin making regular payments to oil-exporting companies in the first half of September, sending shares in those firms up as high as 17 per cent in early trade.
Repeated sabotage of the pipeline carrying crude from Iraq's Kurdistan region to Turkey had cost it $501 million since July 1, the region's Ministry of Natural Resources said.
It had lost $251 million i