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KRG's Oil Exports & Income.

In its latest press release, the KRG said in October 2016 it had exported and consumed 614,071 b/d of crude oil, including 73,214 b/d used by its Kalak and Bazian refineries. Of these, crude oil exports were 522,046 b/d, and KRG's oil receipt totalled almost $416.52m.

The KRG receives crude oil sales proceeds from trading firms in advance. Glencore is seeking to raise $550m from investors via a debt issue guaranteed by crude oil from the KRG - thus to secure a big slice of the high-risk, high-reward market in a region at war with ISIS.

KRG crudes have been the target of European trading firms over the past two years, during an industry down-turn, since Erbil began selling crude oil independently.

Erbil has borrowed about $2bn from trade rivals like Vitol, Petraco and Trafigura to be repaid in oil. They have all borrowed from banks.t to Erbil. at their own risk. Most of Iraq's crude oil sold by Kurds has been shipped from Turkey to Israel.

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Publication:APS Diplomat Operations in Oil Diplomacy
Date:Nov 21, 2016
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