20th Aug 2018 09:03
LONDON (Alliance News) - Gulf Keystone Petroleum Ltd said Monday it received gross payment of USD27 million from the Kurdistan regional government.
The payment, which on a net basis to Gulf Keystone amounts to USD21.2 million, relates to crude oil sales during May from the Shaikan field in the Kurdistan region of Iraq.
Back in January, Gulf Keystone signed a deal with the Kurdistan regional government, which agreed to purchase Shaikan crude oil at the monthly averaged dated Brent oil price minus a total of USD22 per barrel for a quality discount, as well as domestic and international transportation costs. The agreement is effective from October 2017 to the end of December this year.
Gulf shares were trading up 3.4% at 272.00 pence each.
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