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LUKOIL starts returning investments on West Qurna-2 project in Iraq


Published Aug 1, 2014
Lukoil Overseas in Iraq

A crude carrier chartered by LITASCO (LUKOIL's international marketing and trading arm) 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 ('Early Oil') of the West Qurna-2 project.

The vessel will spend several days in the port to load one million barrels (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 thousand barrels per day. The project is continuing according to plan with LUKOIL successfully fulfilling its contractual obligations.

Tags: Lukoil




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