Rosneft, Iraq's Kurdistan Sign Deal

Russian oil major Rosneft will invest in gas pipelines in Iraq’s Kurdistan, expanding its commitment to the region ahead of its independence vote to help it become a major exporter of gas to Turkey and Europe.  Kurdistan has been exporting oil independently from the central government in Baghdad since 2014 and Kremlin-controlled Rosneft joined the list of buyers this year, lending the semi-autonomous region hundreds of millions of dollars in loans guaranteed by future oil sales, Reuters reported. Now Rosneft is widening its investments to gas by agreeing to fund a natural gas pipeline in Kurdistan, Rosneft and the Kurdistan Regional Government said on Monday. Two sources close to the deal said investments would amount to more than $1 billion. Erbil, the seat of KRG in northern Iraq, faces a budget crisis caused by low oil prices.