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Reuters: Iraq's Kurdistan negotiates $3B oil pre-payment deals

  • Iraq's Kurdistan has agreed to new deals to borrow $3B from trading houses and Russian oil firm Rosneft (OTCPK:RNFTF) that will be guaranteed by future oil sales, the region's natural resources minister tells Reuters.
  • Trading houses including Glencore (OTCPK:GLCNF, OTCPK:GLNCY) have been pre-financing Kurdish oil exports for the past two years after the government in Erbil decided to start independent oil exports through Turkey's Mediterranean terminals; the minister calls Rosneft's participation a "groundbreaker" as it gives the semi-autonomous region its first big end-user and opens up new markets.
  • Kurdistan's finances suffered badly during the oil price downturn and it has accumulated several months of arrears to producers such as Genel (OTCPK:GEGYF), Gulf Keystone (OTCQX:GUKYF) and DNO (OTCPK:DTNOF).

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Public Joint Stock Company Rosneft Oil Company