LUKOIL ships next batch of Iraqi oil

Сентября 09, 2014

Two oil carriers with a capacity of two million barrels each have been chartered by LITASCO (LUKOIL's international marketing and trading arm) and have begun loading in the Southern Iraqi port of Basra to transport buy-back oil under the West Qurna-2 project.

LUKOIL receives buy-back oil under the Service Contract as part of the recovery of LUKOIL's costs from phase one (“Early Oil”) of the West Qurna-2 project.

One of the oil carriers (Achilleas) will soon head for Augusta, Sicily, where its oil will be unloaded for processing at LUKOIL’s ISAB refinery in Priolo, and the other oil carrier (Front Kathrine) will deliver its oil to customers in the European Union.

The Sea Triumph oil carrier had departed from Basra on 19 August and successfully delivered the first one million barrel batch of buy-back oil to the port of Augusta on 1 September. The major part of the first oil was routed to LUKOIL’s ISAB refinery in Priolo.

Production at the West Qurna-2 field currently exceeds 300 thousand barrels per day.