The Ministry of Natural Resources has published its Annual Financial Report for 2013, a detailed and comprehensive guide to the financial operations of MNR. The report includes revenue figures from crude oil production, local crude oil sales, the selling of refined products, and bonuses and capacity-building support derived from the KRG's production sharing contracts with international oil companies.
Erbil, Kurdistan Region, Iraq -The KRG Ministry of Natural Resources (MNR) announces the publication of its first Monthly Report, covering activities in October 2013. The Monthly Report is part of the MNR’s ongoing commitment to transparency. Each report will be in English and Kurdish and will be posted every month on the MNR website.
Under the auspices of the 2005 Iraqi Constitution, the Kurdistan Parliament passed an oil and gas law in 2007 to support the development of the region’s hydrocarbons. This legal framework supports a fair and transparent investment environment and establishes production-sharing contracts that balance the risk and reward of investing in the Kurdistan Region.
Transparency and fairness have been the cornerstones of the Kurdistan Region’s investment laws and policies. The Extractive Industry Transparency Initiative was incorporated as an article in the regional oil and gas law in 2007, and helps ensure transparency and proper budgetary management of oil revenues.
The procurement process at the Ministry of Natural Resources involves joint input from both the oil companies and the ministry, to ensure that a competitive, fair and transparent bidding process is conducted.
We undertake our work according to the principles enshrined in the Iraqi constitution, and according to the provisions of the Kurdistan Oil and Gas Law. We have made available to read a Model Production Sharing Contract and the contracts signed with companies.
The Ministry has regulations on land compensation, to ensure that local communities are compensated when their lands are used by oil companies. Read also about the KRG's regulations on importing and exporting explosive, chemical and radioactive substances for oil and gas industry uses.
The Kurdistan Regional Government has developed energy policies in accordance with the Iraqi constitution and the Kurdistan Oil and Gas Law. Read about our policies and the strategies we are using to achieve our goals.
The Ministry is dedicated to the health and safety of the workers and citizens of the Kurdistan Region and throughout Iraq, and encourages the sustainable, long-term development of the country’s resources.
Early in the drafting of its energy policy, the regional government launched a capacity-building programme, to ensure that tangible benefits of our oil and gas wealth are felt across the Kurdistan Region, and to support the development of local expertise.
Dr Ashti Hawrami was appointed Minister for Natural Resources in May 2006, and reappointed in the six cabinet on 28 October 2009 following the July 2009 Kurdistan Region parliamentary elections. He was reappointed in the seventh cabinet, on 5 April 2012.