Lukoil starts returning investments on Iraq’s West Qurna-2 project

7/31/2014

Lukoil starts returning investments on Iraq’s West Qurna-2 project

BASRA, Iraq -- A crude carrier chartered by LITASCO, Lukoil's international marketing and trading arm, has arrived in South Iraq's port of Basra to receive the first batch of oil as part of the recovery of Lukoil's costs from phase one of the West Qurna-2 project.

The vessel will spend several days in the port to load 1 MMbbl (about 160 thousand tons) of oil. It is the first crude carrier to transport buy-back oil that belongs to Lukoil in accordance with the terms of the West Qurna-2 Service Contract.

Meanwhile production at West Qurna-2 has reached a level of 280,000 bpd. The project is continuing according to plan with Lukoil successfully fulfilling its contractual obligations.

“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,” said Andrey Kuzyaev, V.P. of Lukoil and President of Lukoil Overseas.

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