Genel Energy, one of the main oil producers in Iraqi Kurdistan, said it is still owed $233 million for oil it sold to the Kurdistan Regional Government (KRG) but is hopeful stable payments will start this year.
The head of Iraqi Kurdistan-focused oil producer Genel said Tuesday that Iraq's crude output would grow far slower than many expect, as the drop in oil prices reduces investments and stokes instability in the country.
Oil producers in Iraqi Kurdistan, including Gulf Keystone Petroleum and Genel, have started ramping up deliveries to the local market at the expense of foreign sales after months of unpaid export bills.