Last updated: October 07. 2013 9:36AM - 157 Views
Associated Press

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(AP) A United Arab Emirates state-run energy investment company says Iraq's northern self-ruled Kurdish region has given it the green light to pump oil.

Abu Dhabi National Energy Co., known as Taqa, said Monday that it plans to spend more than $300 million in the first phase of a plan to pump about 30,000 barrels a day from Atrush block by early 2015.

The statement says the second phase, yet to be approved, is expected to add another 30,000 barrels a day.

Taqa is majority owned by the oil-rich government of Abu Dhabi though more than a quarter of its shares are available to the public.

It signed the deal in 2012 despite objection by Baghdad government which is in dispute with Kurds over rights to develop natural resources.

Associated Press
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