Minister of Oil: KRG oil revenues do not exceed 50% of sold values

INA - BAGHDAD 

The Minister of Oil, Ihsan Abdul-Jabbar, asserted on Saturday, that the activity management of the oil of Kurdistan is incorrect, pointing out that the net income of KRG does not exceed 50% of the value of sold oil.

"The management of the oil activity in KRG is incorrect, since it is not correct to be selling much lower prices than oil prices of SOMO," said Abdul-Jabbar during the body of opinion of the Ministry meeting, followed by the Iraqi News Agency - INA.

He noted that "Net revenues that go to the KRG budget does not exceed 50٪ of the value of sold oil,".

"There is no country in the whole world has two policies for the management of energy, and raised this difference negative to deal with OPEC, as well as the multiplicity of destinations is not true too," Abdul-Jabbar added, pointing out that "the Federal Court decision on KRG oil explained the provisions of the Constitution, as the political mood can not be a pioneer in the oil industry, for oil file is very profitable and is influenced by the country's foreign policy with  states dealing with it."