KRG sets guidelines for turning oil taps back on

Iraqi Kurdistan oil minister says Baghdad must pay foreign oil firms invested in northern fields before exports will restart. Assures 100,000 bpd output immediately and 1 million bpd within five years, though oil export was 50,000 bpd when KRG shut it down in September.

BAGHDAD - Iraq's Kurdistan Regional Government, long at odds with Baghdad over the right to sign oil contracts, has agreed to restart its modest but promising oil exports if the federal government agrees to compensate the foreign oil companies operating the fields.

KRG Natural Resources Minister Ashti Hawrami said in a statement Monday it is "ready to immediately restart the process of oil exports from the Kurdistan Region’s fields at a rate of no less than 100,000 barrels per day."

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