According to a State Dept. cable from Iraq, and despite the U.S. Embassy's warnings, the oil company of a George W. Bush intelligence adviser signed a Kurdish oil deal knowing the field was in disputed territory.
Results for "krg slashespayroll stave off budget collapse"
Baghdad regains control in oil disputes
Maliki’s government is using harsh tactics to reassert itself against Kurdistan’s increasingly autonomous oil policy, while the core disputes remain unresolved.
New details of KRG oil deals reveal latent risks
Kurdistan's oil trading arrangements have provided independent revenue streams, but they also present problems, including rising debts and further political controversy.
In pursuit of reforms, Kurdistan drafts regional budget
For the first time in seven years, the KRG is preparing its own regional budget law — a process that is highlighting the stakes of ongoing negotiations with Baghdad.
Analysis: 5 key takeaways from Iraq’s 2015 draft budget
PM Abadi's draft budget seeks to balance the competing interests of a fractured polity while contending with a devastating drop in oil prices and a crippling legacy of fiscal mismanagement.
Ahead of oil talks with Baghdad, KRG proposes new budget framework
As leaders in Erbil and Baghdad prepare for detailed negotiations on long-standing disputes, the KRG is offering to hand over all of its oil exports to the federal government – for a price.
2018 budget faces opposition, delays
Kurdish, Sunni and Basrawi MPs are the most vocal critics of the draft budget, claiming inadequate revenue sharing despite slightly increased overall spending.
Iraq budget moves toward passage
Despite some spending cuts, MPs across the political spectrum criticize the budget for its unrealistic expectations, but also expect it to pass.
KRG extending control over Kirkuk oil exports
As the oil export and revenue sharing deal with Baghdad breaks down, the KRG's economic strength hinges on its ability to sell oil from Kirkuk.
Who killed Kurdistan’s oil exports?
Secret documents illuminate the agreement that re-started Kurdistan's exports and the reasons for its collapse.
Analysis: Iraq’s oil disputes remain unresolved
The recent Baghdad-Erbil oil deal has inspired optimism, but it avoids key details at the heart of big issues – control of territory and oil rights – on which neither side wants to compromise.
Progress on Kurdistan budget deal, but obstacles remain
Baghdad approves temporary funding deal but unresolved oil issues hang over a potential budget law amendment to unlock more reliable financial transfers.
UPDATE: Baghdad-Erbil cooperation fraying
Export and revenue flows have fallen short of expectations, threatening to undermine a tenuous oil accord, even with the budget approved.
Cabinet passes draft budget with record spending and new KRG framework
Attempting to triangulate between opposing political forces, Sudani also pushes through a long-delayed financial transfer to Kurdistan.
Cabinet budget zeros out KRG revenue
Kurds would have to export regularly at 400,000 bpd – via SOMO – before 17 percent of budget redistribution is released.
Oil deal and payment promises in Iraq’s IMF pledge
A "letter of intent" from Iraq outlines a new oil for revenue deal with the KRG and commits to paying oil companies and spending on the Basra Gas Company.
New budget hikes spending, including windfall for KRG
Parliament passed a 2019 budget, approving near-record expenditures and curtailing penalties for the Kurdistan region's independent oil exports.
Financial free fall threatens Kurdistan’s stability, oil sector
In an era of depressed oil prices and budget disputes, the KRG has lost most of the revenue that underwrites its economy, and has no clear plan for bridging its deficits.
KRG hit with $100 million court order
Pearl Petroleum can now pursue fuel sales that went partially unpaid when it filed a multi-billion dollar arbitration claim over a larger contractual dispute.
KRG slashes payroll to stave off budget collapse
Facing huge deficits and an economic crisis, Kurdistan’s government has little choice but to cut wages and risk further public unrest.
Payments to KRG IOCs still budget sticking point
With the 2013 budget hanging in the balance, central government and KRG negotiators are trying and failing to agree on how – and how much – to pay oil producers in Kurdistan.
Seeking financial rescue, KRG offered Turkey major oil assets
Emails published by Wikileaks reveal a proposal for Turkey to take equity stakes in Kurdistan's biggest oil fields, in exchange for nearly $5 billion of immediate financial assistance.
Iraq passes 2017 budget
Under pressure to tighten spending, Parliament overcomes objections from oil provinces and some Kurdish MPs to ratify $85 billion budget.
Budget loans give KRG financial lifeline
Baghdad has sent nearly $1 billion to Kurdistan since March, highlighting political cooperation that could grow into reliable financial flows with the passage of a new budget law.