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Over %52 of KRG's oil revenues went to oil companies in 2020: Deloitte

  2021-06-28  | 
 Zhyan News Network
(File photo) A flame rises from a chimney at Taq Taq oil field in Erbil, in the Kurdistan region, August 16, 2014. Reuters
 Zhyan News Network

SULAIMANI – The Kurdistan Regional Government (KRG) received over $2.3 billion in net oil sales and related activities during the year of 2020, according to audited data published by the KRG on Monday (June 28).

During the year, from the beginning of January to the end of December in 2020, the KRG exported a total of 157,599,661 barrels of oil, selling at an average of $21.100 per barrel for pipeline exports.

The price of one barrel of oil averaged at $51.151 for refinery and local sale, Deloitte reported.

The KRG totally generated over $4.4 billion, around 52% of which spent for fees and payments to the oil companies, recording a net cash balance of $2,345,477,711 for the 12 months.

Tariff payments to Turkish Energy Company (TEC) amounted to $304,492,091, according to Deloitte’s year-end report.

In October 2016, Deloitte signed a contract with the Kurdistan Regional Government (KRG) in a bid purportedly to provide transparency about its oil sales.

(Zhyan English)