Baghdad's policy of opposing independent Kurdish oil development is starting to hit the semiautonomous northern region's finances, according to figures in the Kurdistan Regional Government's (KRG) Ministry of Natural Resources first-ever Annual Financial Review. The 2013 report, published on Apr. 21, also gives details for previous years, and what emerges is a picture of a mounting financial burden dramatically outpacing increases in revenue (see table 1). Last year, with Baghdad's opposition to independent crude sales strangling exports and a new Kurdish export pipeline yet-to-be operational, gross costs exceeded revenues by $1.2 billion.
展开▼
