Kurdish operators receive July crude export payments

Kurdish operators have announced receipt of oil sales payments from the KRG today towards July exports:
DNO has confirmed that the Tawke partners have received USD39.5 million
Genel has confirmed that the Taq Taq partners have received and USD10.4 million

These payments are in line with recent payments and should be the last under the "old" system (i.e. before the recent change in terms in exchange for settlement fo historical receivables).

Payment for August sales should be made in November - these should increase with DNO's greater share in Tawke and Genel's elimination of the 30% Capacity Building Payment. However, the recent referendum results casts uncertainty on the way forward between the neighbours in the region and therefore the risk to Kurdistan's financial position and therefore payments has increased.