Kurdistan allocates $ 75 million to repay three oil companies

as delayed dues by the dispute between Erbil and Baghdad.

The Ministry of Natural Resources of Kurdistan region said in a statement that Genel Energy company and DNO will receive $ 30 million, while Gulf Keystone will get $ 15 million.

The ministry added that the payments will be transferred to the accounts of companies within seven days.

Kurdistan Regional Government has increased its independent sales since mid-June, while reduced allocations for Iraqi Oil Marketing Company (SOMO) amid an escalating dispute over export rights and payments led to non-payment of dues of the companies.

Government of the region has pledged to begin regular payment of dues of up to $ 100 million to oil-exporting companies.

Last week, the Ministry of Natural Resources said that oil exports from north of Iraq have fallen by about 44 thousand barrels per day in August to reach 472 thousand and 832 barrels per day on average due to a default in the extended pipeline to Turkey.

Norway's DNO shares jumped 5.6 percent, while Genel shares increased to 4.5 percent and Gulf Keystone 1.5 percent after the issuance of the statement.