Erbil, the regional capital of Iraqi Kurdistan, has all the trappings of an oil boomtown. It bristles with construction cranes. Land Cruisers and Range Rovers with tinted windows ply the busy streets. Oil workers and briefcase- bearing foreigners crowd into the Divan Erbil Hotel’s piano bar.
Gulf Keystone Petroleum Ltd., an oil producer in Iraqi Kurdistan, fell the most in six weeks in London after saying it has so far been paid a quarter of what it’s due for oil exports, while also suffering from mechanical failures.
DNO International ASA says it’s closer to selling Iraqi Kurdistan oil overseas as more than a million barrels of crude piling up in storage may help spur regional and federal authorities to resolve a dispute over the proceeds.
More than 200,000 Syrian Kurdish refugees have moved into Iraqi Kurdistan. They have crossed an international border to be sure, yet it is, in the Kurdish world view, a passage from one part of their homeland to another. The Kurds disregard these frontiers, imposed on the Fertile Crescent almost a century ago by Anglo-French power.
Iraqi Kurdistan canceled a 55 billion dirham ($15 billion) real estate project by Damac Properties, the Dubai-based developer, because the company never started work after the global financial crisis, The National reported, citing a Kurdish official.