 |
Louisiana Light • 2 days | 86.49 | -0.63 | -0.72% | ||
|
Bonny Light • 1 day | 88.40 | -0.92 | -1.03% | ||
|
Opec Basket • 2 days | 88.45 | +1.94 | +2.24% | ||
|
Mars US • 174 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 35 mins | 2.772 | +0.014 | +0.51% |
|
Bonny Light • 1 day | 88.40 | -0.92 | -1.03% | ||
|
Girassol • 1 day | 89.03 | -0.87 | -0.97% | ||
|
Opec Basket • 2 days | 88.45 | +1.94 | +2.24% |
|
Peace Sour • 23 hours | 76.01 | -0.55 | -0.72% | ||
|
Light Sour Blend • 23 hours | 79.06 | -0.55 | -0.69% | ||
|
Syncrude Sweet Premium • 23 hours | 86.01 | -0.55 | -0.64% | ||
|
Central Alberta • 23 hours | 76.41 | -0.55 | -0.71% |
|
Eagle Ford • 2 days | 79.29 | -0.04 | -0.05% | ||
|
Oklahoma Sweet • 2 days | 79.25 | -0.50 | -0.63% | ||
|
Kansas Common • 1 day | 73.75 | +0.75 | +1.03% | ||
|
Buena Vista • 2 days | 87.23 | -0.55 | -0.63% |
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Kurdistan Looks To Set Up Own Oil Firms Amid Legal Struggle With Baghdad
Amid an escalating dispute with the federal Iraqi government over the control of oil resources, the semi-autonomous region of Kurdistan is working to establish two companies that would produce and market oil, a spokesperson for the Kurdistan Regional Government (KRG) told Reuters on Friday.
KRG wants to establish one company to work on oil exploration, KROC, and another—provisionally named KOMO—which is expected to market and export the crude oil pumped in the region of Kurdistan.
The KRG has recently discussed the idea of establishing those companies with representatives of the federal government of Iraq, the spokesperson told Reuters.
The region of Kurdistan and the federal government have been in a bitter dispute for months over who has the right to control the oil resources and revenues in the semi-autonomous Iraqi region.
Earlier this month, Kurdistan rejected a ruling from Iraq’s federal supreme court to hand over control over oil production.
In February, the Supreme Court of the Federal Government of Iraq ruled that sales of oil and gas by Kurdistan, independent of the central government in Baghdad, are unconstitutional and that the Kurdistan Regional Government must hand over all oil production to the Federal Government of Iraq. The court also ruled that the Ministry of Oil has the right to: “Follow up on the invalidity of oil contracts concluded by the Kurdistan Regional Government with foreign parties, countries and companies regarding oil exploration, extraction, export and sale.”
In early June, dismissing the Supreme Court ruling, Kurdistan’s judicial council said that “The actions of the Kurdistan Regional Government (KRG) in relation to oil and gas operations are in accordance with the Iraqi constitution of 2005. The provisions of the oil and gas law issued by the parliament of the Kurdistan region in 2007 do not violate those of the Iraqi Constitution.”
By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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