Draw Media
News / Kurdistan

Kurdistan Region’s Financial Records (2023 to April 2025)

Summary: According to multiple official documents from the Iraqi government detailing the Kurdistan Region’s accounts from 2023 to April 2025, the Region's total revenues exceeded 41 trillion 516 billion 842 million IQD, while its allocated share under the Federal Budget Law was approximately 26 trillion 400 billion IQD. This means that approximately 16 trillion 511 billion IQD remains unaccounted for by the KRG. Breakdown: Oil revenues: over 6 trillion 275 billion 240 million IQD Non-oil revenues: 10 trillion 522 billion 690 million IQD Loans from commercial and state banks: 2 trillion 607 billion IQD Funding from the federal government: over 18 trillion 1 billion 838 million IQD The Region returned 598 billion 515 million IQD to the federal government Q1 2025 Financial Summary: From January to April 2025, the KRG received $2.264 billion from its designated budget share. However, oil revenue contributions to the federal treasury were less than 15%, and the KRG did not remit any oil revenues to Baghdad. Total revenues in this period: over 6 trillion 653 billion 75 million IQD Refund to federal government: around 200 billion IQD Budget allocation: over 3 trillion 664 billion IQD Remaining with KRG: approx. 2 trillion 999 billion IQD Breakdown: Oil revenues: 1 trillion 568 billion 810 million IQD Non-oil revenues: 1 trillion 166 billion 126 million IQD Federal funding: over 4 trillion 117 billion 485 million IQD Refund to Baghdad: only 199 billion 346 million IQD 2024 Financial Summary: The KRG received $6.05 billion from its budget allocation. Oil revenue remitted to the federal treasury was below 10%, with no oil revenues transferred. Total revenues: over 20 trillion 164 billion 624 million IQD Refund to Baghdad: over 399 billion IQD Budget allocation: approx. 12 trillion 168 billion IQD Remaining with KRG: approx. 7 trillion 998 billion IQD Breakdown: Oil revenues: over 4 trillion 706 billion 430 million IQD Non-oil revenues: 4 trillion 700 billion 9 million IQD Commercial bank loan: 371 billion IQD Federal funding: over 10 trillion 786 billion 352 million IQD Refund to Baghdad: approx. 399 billion 169 million IQD 2023 Financial Summary: The KRG received $4.1 billion more than its allocated share. No oil or non-oil revenues were remitted to the federal treasury. Total revenues: approx. 14 trillion 700 billion IQD Budget allocation: approx. 10 trillion 568 billion IQD Remaining with KRG: over 5 trillion 525 billion 300 million IQD Breakdown: Oil revenues: over 4 trillion 708 billion 587 million IQD Non-oil revenues: approx. 4 trillion 656 billion 555 million IQD Government bank loans: 1 trillion 600 billion IQD Commercial bank loans: 636 billion IQD Federal transfers: approx. 3.1 trillion IQD via multiple decisions and decrees

Read more

Oil and Non-Oil Revenues of the Kurdistan Region (2023–2025)

On May 28, 2025, the Iraqi Ministry of Finance issued letter No. 14502 to the representative of the Kurdistan Regional Government (KRG) in the Iraqi Council of Ministers regarding the May salary payments. Citing Federal Budget Law No. 13 (2023–2025) and Federal Supreme Court Decision No. 4/Federal/2025/203, the ministry stated that it cannot continue disbursing salaries due to the KRG’s revenue situation, as outlined in a report by the Financial Supervision Bureau. 1. Oil Revenues (2023–2024) The total oil revenue of the Kurdistan Region for 2023 and 2024 was estimated at 9 trillion 415 billion 18 million dinars. 2023: 4 trillion 708 billion 587 million 2024: 4 trillion 706 billion 430 million (Note: Oil revenue for 2025 was not included.) 2. Non-Oil Revenues (2023–2025) Non-oil revenue during the three-year period totaled 10 trillion 522 billion 690 million dinars, broken down as follows: 2023: 4 trillion 656 billion 554 million 2024: 4 trillion 700 billion 9 million 2025: 1 trillion 166 billion 125 million 3. Combined Revenues (2023–2025) The total oil and non-oil revenue over the three years reached 19 trillion 937 billion 708 million dinars. 2023: 9 trillion 365 billion 142 million 2024: 9 trillion 406 billion 440 million 2025: 1 trillion 166 billion 125 million 4. Revenue Returned to the Federal Government The KRG did not return any revenue to the federal government in 2023. However, for 2024 and 2025, it returned a combined 598 billion 515 million dinars: 2024: 399 billion 168 million 2025: 199 billion 346 million 5. Retained Revenue by the KRG The region retained 97% of the total revenue collected, amounting to 19 trillion 339 billion 193 million dinars over the three years: 2023: 9 trillion 365 billion 142 million 2024: 9 trillion 7 billion 271 million 2025: 966 billion 779 million

Read more

Total Revenues of the Kurdistan Regional Government (2023–2024)

The Iraqi Ministry of Finance, based on the data of the Iraqi and the Kurdistan Region Board of Supreme Audit, has detailed the oil, non-oil revenues, loans, and financial transfers that were at the disposal of the Kurdistan Regional Government (KRG) in two tables: In 2023, Total revenues available to the KRG amounted to 14 trillion and 699 billion IQD. In 2024, Total revenues available to the KRG amounted to 20 trillion and 164 billion IQD. Total revenues for both years (2023–2024): 34 trillion and 863 billion IQD. Year 2023 Oil Revenues: 4 trillion, 708 billion, 587 million, 855 thousand IQD Non-Oil Revenues: 4 trillion, 656 billion, 554 million, 483 thousand IQD Total Oil + Non-Oil Revenues: 9 trillion, 365 billion, 142 million, 338 thousand IQD Loans from Iraqi State Banks: 1 trillion and 600 billion IQD Transfers from Baghdad: 3 trillion and 98 billion IQD Total (Oil, Non-Oil, Loans, Transfers): 14 trillion, 699 billion, 142 million IQD KRG’s Obligations (Expenses): 10 trillion, 567 billion, 893 million, 338 thousand IQD Remaining Amount with KRG: 4 trillion, 131 billion, 249 million, 213 thousand IQD Year 2024 Oil Revenues: 4 trillion, 706 billion, 430 million, 390 thousand IQD Non-Oil Revenues: 4 trillion, 700 billion, 9 million, 926 thousand IQD Total Oil + Non-Oil Revenues: 9 trillion, 406 billion, 440 million, 316 thousand IQD Transfers from Baghdad: 10 trillion, 786 billion, 352 million, 903 thousand IQD Total (Oil, Non-Oil, Loans, Transfers): 20 trillion, 164 billion, 624 million, 258 thousand IQD KRG’s Obligations (Expenses): 12 trillion, 167 billion, 875 million, 969 thousand IQD Remaining Amount with KRG: 7 trillion, 996 billion, 748 million, 289 thousand IQD

Read more

KRG Pushes to Resume Oil Exports Through Turkey

The Kurdistan Regional Government (KRG) is urging Baghdad to approve the restart of crude oil exports through Turkey’s Ceyhan port. Since March 2023, exports of around 450,000 barrels per day have been halted after the International Chamber of Commerce ruled that Turkey must stop transporting oil via the Kirkuk–Ceyhan pipeline without Baghdad’s approval. At an energy conference in Washington, Amanj Rahim, Secretary of the KRG Council of Ministers, explained that the Region has had to sell oil domestically at lower prices due to the suspension. He also defended the KRG’s energy contracts with U.S. companies as constitutional and upheld by Baghdad’s Karkh Court. Rahim expressed hope for a resolution that would resume exports and enhance Iraq’s energy stability.

Read more

HKN Energy and ONEX Group Launch Miran Energy to Develop Major Gas Field in Kurdistan

U.S.-based HKN Energy and ONEX Group have formed a joint venture, Miran Energy, after signing a binding term sheet with the Kurdistan Regional Government (KRG) to develop the Miran Gas Field in the Kurdistan Region of Iraq. The Miran Gas Field is estimated to hold 8 trillion standard cubic feet (scf) of recoverable natural gas. The phased development could generate over $40 billion in long-term value. Gas production will prioritize domestic supply, bolstering regional energy needs and long-term economic growth. The project reflects deepening U.S.-KRG cooperation and supports Kurdistan’s energy security. Russell Freeman, CEO of HKN Energy, emphasized the strategic importance of the project and the responsible approach to its development.  

Read more

WesternZagros Secures Topkhana Block, Paving the Way for Energy Security and Prosperity in Kurdistan

Erbil, Kurdistan Region – WesternZagros, a U.S.-based privately owned exploration and production company operating in the Kurdistan Region of Iraq, proudly announces its successful acquisition of the resource-rich Topkhana Block—an important milestone in the Region’s path toward greater energy independence and economic transformation. This strategic agreement marks a significant step forward in the Kurdistan Regional Government’s (KRG) efforts to bolster energy security and expand access to reliable electricity for millions of citizens. It aligns closely with the KRG’s long-term development vision and energy infrastructure plans. The combined Topkhana-Kurdamir area—now under WesternZagros’s development portfolio—holds an estimated 5 trillion standard cubic feet of natural gas and 900 million barrels of recoverable crude oil, positioning it as one of the most valuable energy assets in the Region. Developed through a phased approach, the project is expected to generate approximately $70 billion in revenue over its lifetime. “The development of the Topkhana Block, together with our adjacent Kurdamir Block, represents a transformative opportunity,” said Toufic Chahine, Chairman of WesternZagros. “This initiative will play a pivotal role in securing around-the-clock electricity access across the Kurdistan Region and, over time, contribute to broader energy stability across Iraq and the region.” This acquisition not only strengthens the Region’s energy resilience but also highlights the value of international partnerships. It serves as a model for effective collaboration between American energy companies and the KRG, supported by the United States Government. “We are honored to continue our partnership with the Kurdistan Regional Government under the leadership of Prime Minister Barzani,” Chahine added. “Together, we are laying the foundation for a brighter, more energy-secure future for the Region.”  

Read more

Dana Gas made a net profit of $43m in first quarter of 2025

The Emirati giant Dana Gas, operating the Kurdistan Region’s Khor Mor Gas Plant, stated Thursday that it generated $43 million in net profit for the first quarter of 2025, a 13 percent increase compared to the same timeframe last year. Dana Gas reports "a net profit of AED 158 million ($43mm) for Q1 2025, a 13% increase compared to AED 140 million ($38mm) in the same period last year, despite lower oil prices,” the company said in a statement. It attributed the increase to “stronger gas prices in Egypt following the Consolidation Concession Agreement, lower depreciation, depletion, and amortization (DDA) charges, along with reduced finance costs." The Emirati giant noted that revenue for the quarter of 2025 stood at $91 million, six million dollars lower compared to the first three months of 2024. "The year-on-year decline was primarily due to lower production in Egypt, coupled with lower realized hydrocarbon prices; however, this was partially offset by improved gas pricing in Egypt and higher condensate price realization in the Kurdistan Region of Iraq (KRI),” the statement explained. The UAE-based company has played a pivotal role in the production of the Kurdistan Region’s natural gas since 2007. The Khor Mor gas field is a major fuel source for electricity generation plants in the Region, with production currently at 525 million standard cubic feet of natural gas per day. "Production in the KRI remained strong in the first quarter of 2025. In early March, Dana Gas and its partner Crescent Petroleum announced that cumulative production from the Khor Mor field had reached 500 million barrels of oil equivalent, reflecting the strength and consistency of operations since 2008,” Dana Gas reported. It stated that daily gas production at Khor Mor "reached 525 million standard cubic feet, marking a 75% increase since 2017. The field continues to support over 75% of the Kurdistan Region’s power generation needs.” Dana Gas reports that it has invested $3.5 billion to date at Khor Mor, with operations having created "more than 20,000 direct and indirect job opportunities in the region.” Dana Gas plans to increase gas production by 50 percent in the Kurdistan Region next year. With the completion of the one-billion-dollar KM250 project, an expansion of the Khor Mor field expected by the first quarter of 2026, daily production will reach nearly one billion standard cubic feet of gas per day, enough to equip the Kurdistan Region to provide 24-hour electricity. The KM250 will also "significantly boost Dana Gas’s financial performance and cash flow,” the company states.

Read more

Will Islamists in Iraqi Kurdistan help bolster the Kurdish cause in Syria?

Momen Zellmi - amwaj.media   The political upheaval in Syria, marked by the fall of former president Bashar Al-Assad and the rise of Sunni Islamist rule, has potentially opened new doors for Islamists in Iraqi Kurdistan. Potentially aiming to piggy-back on ideological and political affinities with Syria’s new administration, such actors view the transition in Damascus as an opportunity to build alliances—and further leverage those links to advocate for Kurdish rights. However, one pressing question remains: can cross-border outreach help ensure Kurdish political and cultural autonomy in Syria, or will such efforts only further complicate the political aspirations of Kurdish Islamists in Iraq? Critically, this follows significant losses by such actors in Iraqi elections in recent years, giving rise to marked introspection. Facing intense criticism that they privilege their Muslim identity over their Kurdish ethnicity, Iraq’s Kurdish Islamists risk stoking further censure if they hitch their political project to that of the new rulers in Damascus.   The praise of Iraq’s Kurdish Islamists Kurdish Islamist parties in Iraq have wasted no time seeking to ingratiate themselves into the Syrian context since the fall of Assad last December. However, their divergent responses signal deep strategic divides within the movement, reflecting the distinct strands of Kurdish Islamism—shaped by decades of ideological evolution, factional splits and shifting alliances. Perhaps the most bold outreach has come from Islamic Movement of Kurdistan (IMK) head Irfan Ali Abdulazeez, who only weeks after Assad’s downfall announced the reopening of his group’s offices in Damascus. Abdulazeez claimed the move aimed at “engaging in dialogue” to find “better solutions for the issues facing our Kurdish brothers.” He further emphasized his group’s historical ties with Syrian President Ahmed Al-Sharaa, although he did not elaborate on the nature of those ties. It has been suggested, however, that some of IMK’s cadres may have fought alongside Sharaa-led forces as far back as 2013, which were then known as the Nusrah Front. For his part, Ali Bapir, the leader of the Kurdistan Justice Group—also known as Komal and itself a splinter group from IMK—is reported to have sent a congratulatory letter to Sharaa shortly after his takeover of Damascus. The letter further called on the Syrian leader to address several claimed injustices against Kurds under the previous Syrian regime, including the stripping of citizenship, marriage rights and work opportunities. Such overtures may aim to serve a dual purpose, claiming a vested interest in Syrian and pan-Kurdish affairs while also opening privileged avenues to the new authorities in Damascus. This dynamic encapsulates the inherent balancing act of Iraq’s Kurdish Islamist parties: privileging roots in their Kurdish identity, while at the same time highlighting the Islamic character of their political vision.   Kurdish or Islamist? The claimed cross-border affinities expressed by Iraqi Kurdish Islamists have also served as a liability. Both Abdulazeez and Bapir have long faced criticism over their ties to militant groups such as Al-Qaeda. Bapir was jailed for 22 months in a US-run detention facility near Baghdad after the American-led invasion of Iraq in 2003, over alleged ties to militants. He was only released after renouncing militancy and dedicating himself to political and religious outreach. As a product of late-20th century transnational militant Islamism, both IMK and the Kurdistan Justice Group have also faced accusations from other Kurdish parties that they privilege their Islamist political visions over their ethnic roots. This accusation has seemingly proved effective, with observers pointing to their lackluster performance in Iraq’s Oct. 2023 provincial elections. Hawkar Ali, a university professor in Sulaimaniya, told Amwaj.media that the Oct. 2024 Kurdistan Parliament elections were also disappointing for Islamist parties. Both the Kurdistan Justice Group, which won only three seats, and IMK, which failed to secure any seats, outright rejected the results alleging that the polls were manipulated. According to Ali, the two groups likely believe that Iran and Turkey influenced the outcomes of the elections, thereby marginalizing their presence in the political landscape. Consequently, Abdulazeez and Bapir are now seeking to broaden their regional and international relationships, particularly through Syria, as a strategy to counteract this perceived regional neglect by regional powers—and to strengthen their influence on the regional stage. Perhaps wary of this reality, not all of Iraq’s Kurdish Islamist groups seem so eager to reach out to the new Syrian administration. Muthanna Amin, leader of the Kurdistan Islamic Union (KIU), has expressed optimism about Sharaa’s seeming shift towards a more moderate position, while underscoring the shared principles between his own group and Syria’s new Islamist rulers. Amin further noted that his movement aims to mediate peaceful solutions for Kurdish autonomy and broader disputes in Syria, likely aiming at positioning itself as a bridge between Sharaa’s government and the Kurdish-led Syrian Democratic Forces (SDF). While these organizations’ dual Kurdish-Islamist identity has often been seen as a liability, in this context it may prove to be an opportunity for them to act as privileged political interlocutors.   Regional context of cross-border outreach To Iraq’s Kurdish Islamists, the opportunity to engage with Sharaa holds significant potential. Strong connections with the new Syrian government would surely prove a boon to their collective hope that the authorities in Damascus will rectify past wrongs, and provide Syrian Kurds with the recognition they were denied under Assad. However, not all seem convinced that such a diplomatic role for Iraq’s Kurdish Islamist groups is appropriate. Aziz Raouf, an Iraqi Kurdish analyst, argues that individual political parties have no right to build relations with foreign governments and powers, saying that is the role of governments. Speaking to Amwaj.media, Raouf in parallel criticized homegrown Kurdish Islamists for failing to utilize their regional relationships, including with Iran and Turkey, to advance Kurdish interests. If IMK and the Kurdistan Justice Group do hope to play a more central role in regional dynamics, broader engagement will be necessary given the complexities and cross-border nature of Kurdish issues. For example, in Syria a major point of contention is the future of the SDF, which played a vital role in the fight against the Islamic State group (IS) and also established autonomous rule in the northeast of the country. However, to Turkey, the SDF is viewed as a direct extension of the Kurdistan Workers’ Party (PKK), a group designated as a terrorist organization by Ankara and several other governments. This creates a paradox for Kurdish Islamists who seek to mediate between the SDF and Sharaa’s administration, while potentially managing the geostrategic demands of Turkish interests both in Iraq and Syria. Unlike Kurdish Islamists’ relatively strong ties with Ankara, their relationships with the SDF remain confrontational, making any mediation attempt incredibly fraught. A fragile opportunity The key challenge for Kurdish Islamist factions in Iraq is to find a middle path. While a tall order, such a move could see their stock rise, both politically and electorally, by demonstrating their ability to act pragmatically on the regional stage. Erbil-based researcher Payraw Anwar told Amwaj.media that Islamist political forces in the Kurdistan region of Iraq will be hard pressed to influence domestic policy in Syria on the Kurdish issue. He attributed this to fundamental ideological differences among Kurdish factions across the region, charging that "Islamist parties see religious identity above ethnic and national identity, while nationalist forces prioritize nationalism above religion." Given these apparent dynamics, it seems that the success of outreach to Syrian actors by Iraqi Kurdish Islamists hinges on their ability to effectively leverage historical ties and ideological affinities. However, there are no guarantees that Sharaa will embrace any solution to the Kurdish issue in Syria that may come from Iraqi actors. Ultimately, the potential for cooperation between Iraq’s Kurdish Islamist factions and Syria’s new leadership could be the key to resolving some of the longstanding issues facing Kurds in Syria. Whether this opportunity is seized, or falls victim to regional rivalries, will certainly play a role in shaping the future of Syrian Kurds.   https://amwaj.media/en/author/24504108 * Momen Zellmi is a political analyst, researcher and diplomatic consultant based in Erbil, Iraqi Kurdistan. He has a PhD in Language Education Policy and an MA in English language, and has published numerous works in the fields of politics, language and educational policy, gender, and culture.

Read more

KRG calls for restart of Kurdish oil exports

The Kurdistan Region’s Council of Ministers said on Wednesday that it has met its obligations for resuming the Region’s oil exports, calling on the relevant authorities in Erbil and Baghdad to restart the process “as soon as possible.” Kurdish Prime Minister Masrour Barzani affirmed in a statement that the KRG fully backs ongoing talks with the federal government and international oil companies to resume crude exports under Iraq’s federal budget law. He emphasized, “There are no longer any technical or political obstacles on our side.” Senior officials at the meeting, including Cabinet Secretary Amanj Rahim and Council of Ministers Chief Umid Sabah, reviewed the status of tripartite negotiations between the KRG, Baghdad, and oil companies. They described the recent talks as constructive and said efforts are ongoing to finalize pending issues and reach an agreement. The KRG further called on all sides—including Iraq’s state oil marketer SOMO and private firms—to maintain momentum and work toward an agreement that would restart exports and prevent further financial losses to the federal treasury, which the KRG estimates have exceeded $10 billion due to the prolonged halt. The KRG stressed the need to prioritize retirees’ rights and tasked the Ministries of Finance and Economy, Peshmerga Affairs, and Interior with forming a joint committee to develop mechanisms for the timely and uninterrupted payment of pensions and entitlements across civil, military, and security sectors.

Read more

An attempt is being made by the Kurdish opposition groups to form a coalition ahead of elections

Kurdish opposition parties are holding intensive talks to form a unified electoral coalition ahead of Iraq’s upcoming parliamentary elections in November, seeking to reshape the political landscape away from the dominance of the Kurdistan Democratic Party (KDP) and the Patriotic Union of Kurdistan (PUK). According to Draw Media information the Kurdistan Justice Group initiated the efforts, holding a series of meetings with the Kurdistan Islamic Union (KIU) and the People’s Front, which resulted in a preliminary agreement to form a joint electoral alliance. Contacts have also been made with the New Generation Movement (al-Jeel al-Jadeed-NGM) and the National Position Trend, both of which expressed initial approval to join the coalition. Discussions are underway with independent political figures and other groups to broaden support for the project, with a broader meeting expected in the coming days to finalize the coalition’s framework and electoral strategy, the sources added. These developments come as the KDP and PUK are considering running on a joint list in disputed areas during the upcoming parliamentary elections, in an effort to secure stronger representation in these sensitive regions.  

Read more

DNO reports higher production in Kurdistan

The Norwegian oil and gas company DNO announces that production in Kurdistan and the North Sea increased in the first quarter. Total gross production in Kurdistan rose to 82,081 barrels of oil equivalent per day (76,310), compared to 74,163 in the previous quarter, while North Sea production increased to 8,864 barrels per day. Net production in the North Sea was higher than in Kurdistan, at 19,296 and 18,464 barrels per day respectively. In addition, the company reported a net share of 3 375 barrels per day from the Ivory Coast. DNO’s share of crude oil from the Tawke license during the quarter has been sold to local buyers as the Iraq-Türkiye Pipeline remained closed. All payments are made in advance of loadings with the vast majority transferred directly into DNO’s international bank accounts.

Read more

Kurdistan Parliament, Behind Scenes of Conflicts

From Draw Media Publications Kurdistan Parliament, Behind Scenes of Conflicts Series 1 of (Kharmani Darw)  Kharmani Darw is a documentary program produced by Draw Media Organization. Conflicts and disagreements in the Kurdistan Parliament from three different perspectives: - Yousef Mohammed, Speaker of the Fourth Session of the Kurdistan Parliament -Rewaz Fayeq, Speaker of the fifth session of the Kurdistan Parliament - Hemn Hawrami, Deputy Speaker of the Fifth Session of the Kurdistan Parliament

Read more

A New Conflict Over Oil Exports Emerges Between the Federal Government and the Kurdistan Region

A member of the Iraqi parliament's Oil and Gas Committee disclosed a new dispute between the Kurdistan Region and the federal government over oil exports after the KRG Ministry of Natural Resources and the Iraqi Ministry of Oil failed to meet. The Kurdistan Region is demanding that Dana Gas receive a portion of its oil in exchange for gas production and supply. According to the federal budget law, the Kurdistan Region must supply 400,000 barrels of oil per day to SOMO; however, the region has claimed it can only produce 300,000 barrels and cannot supply the entire amount to Baghdad, Aso Faraidoon, a member of the Oil and Gas Committee, told Channel 8. Faraidoon explained that while the Kurdistan Region and Baghdad had agreed to allocate 46,000 barrels of oil for domestic needs, the Kurdistan Region has now requested 69,000 barrels per day to supply Dana Gas in exchange for gas production and supply to meet government needs. He said the Iraqi Oil Ministry has made it clear that this issue is outside its authority and is governed by the budget law. Faraidoon also mentioned that, in addition to the new issue, the ongoing concern regarding the financial entitlements of oil companies and guarantees for future expenses remains unresolved, with the Oil Ministry stating that the decision lies with the federal government. The Kurdistan Region’s oil exports have been suspended since March 2023, following a ruling from the Paris-based Arbitration Court in favor of the Iraqi federal government. KRG Prime Minister Masrour Barzani stated on November 16 that the suspension of oil exports has resulted in a $23 billion loss for the Kurdistan Region.

Read more

KRG Wins $26 Million in Arbitration Against Genel Energy

The Kurdistan Regiononal Government has been awarded substantial legal costs in the arbitration case against Genel Energy Miran Bina Bawi Limited (GEMBBL). The award follows the arbitral tribunal’s Partial Award on Merits, received in December 2024, in which the tribunal held that the Government validly terminated the Bina Bawi and Miran PSCs and dismissed all of GEMBBL’s claims against the Government. On 4 April 2025, the arbitral tribunal issued its Final Award on Costs, in which it ordered GEMBBL to pay the Government US$26,868,905.29, plus post-award interest. The Government is very pleased with this successful outcome. Department of Media and Information

Read more

APIKUR Objects to the Ministry of Oil's Actions

Draw Media   Designated International Oil Companies (IOCs), along with the Kurdistan Regional Government, have been negotiating in good faith with the Government of Iraq (GOI), including directly with Prime Minister Sudani’s office, to reach a resolution to resume exports through the Iraqi-Türkiye pipeline in accordance with our legal agreements and the Iraqi budget law.   We understand today the Ministry of Oil has demonstrated it is unwilling to negotiate a solution that honors IOCs contract sanctity and is attempting to establish a process to unilaterally alter the economic framework of legal and valid contracts between the KRG and IOCs. These actions by the Ministry of Oil are not acceptable, and the member companies of APIKUR will not resume exports until there is commitment from the GOI to honor our contracts including payment surety for past and future exports.   NEW YORK, N.Y. (March 28, 2025)  

Read more

All Contents are reserved by Draw media.
Developed by Smarthand