Gulf Keystone paid $15 mln by KRG

ERBIL, October 15, 2015 – Gulf Keystone has received $15 million from the Kurdistan Regional Government in Iraq in a payment tied to exported crude.

The company said on Thursday it had received the $12-million net ($15-million gross) payment for oil exports from the Shaikan development.

Companies operating in the Kurdistan Region have faced financial difficulties as payments from the regional government have stalled.

Gulf Keystone previously said it was owed $238 million based on sales and costs, while fellow international Genel said it was awaiting more than $378 million.

The company’s announcement has been taken as a positive sign that payments will be forthcoming for oil and gas operators in the region.

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