Iraq/Kurdistan: In Payment Drought, Oil Companies Pare KRG Investment

Feb 10, 2015 | Patrick Osgood, Iraq Oil Report
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Iraq's autonomous Kurdistan Regional Government (KRG) has not paid its oil contractors since November, highlighting political and financial problems that could hamper plans to increase production and exports.“We’re not going to be in a position to invest until we are able to receive more in payments,” said Bijan Mossavar Rahmani, the Executive Chairman of Norway's DNO, in a Feb. 5 presentation to investors. “Companies expect and were promised payment.