Lukoil’s crude carrier to receive oil from Iraqi oilfield

westqurna-2-NewThe crude carrier would be the first to transport buy-back oil belonging to Lukoil. (Image source: Lukoil) Russian oil major Lukoil’s international marketing and trading arm Litasco has chartered a crude carrier to receive the first batch of oil extracted from the West Qurna-2 oilfield in Iraq

The vessel will spend several days at Basra port to load one million barrels of oil, Lukoil said. This exercise is part of the recovery of Lukoil’s costs from Phase-1 of the West Qurna-2 oilfield.

Andrey Kuzyaev, vice-president of Lukoil, said, “The loading of this crude carrier provides further evidence of the reliable partnership between Lukoil and the Iraqi side in developing the country’s oil industry.”

Lukoil’s crude carrier is the first to transport buy-back oil that belongs to Lukoil, in line with the terms of the West Qurna-2 service contract, company officials said.

Meanwhile, West Qurna-2 oilfield is currently producing 280,000 bpd.

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