Tag Archives | Litasco

SOMO Awards Diesel Tenders

By John Lee. Sources have told Reuters that China’s state-run Zhenhua Oil will supply diesel (500 parts per million (ppm) sulphur) to Iraq’s State Oil Marketing Organization (SOMO) through a term contract for the first time. It will supply 600,000 tonnes of the 2.37 million tonnes sought by SOMO in a tender for delivery in […]

SOMO considers JVs in Oil Shipping, Storage

By John Lee. Reuters reports that following the setting up a new oil trading firm with Lukoil subsidiary Litasco, the State Oil Marketing Organization (SOMO) is considering setting up similar ventures in shipping and oil storage. The news agency quotes the head of SOMO, Falah Alamri, as telling the CWC Iraq Petroleum Conference: “The idea is […]

SOMO, Litasco to Trade Oil from Dubai

By John Lee. Iraq’s State Oil Marketing Organization (SOMO) and Russia’s Litasco — Lukoil‘s international marketing and trading arm — have set up a joint oil trading company in Dubai. A source told Reuters that the new venture, LIMA Energy, is building a team to work at the Dubai Multi Commodities Centre (DMCC) to trade […]

Lukoil in Iraq Oil Trading Deal

By John Lee. Iraq’s State Oil Marketing Organization (SOMO) and Russia’s Lukoil have formed a joint venture to market crude oil. In a statement, the Iraqi Oil Ministry said Litasco — Lukoil‘s international marketing and trading arm — would help sell Iraqi crude and train Iraqi staff in marketing. (Source: Ministry of Oil)

LUKOIL Recovering Costs From West Qurna-2

The Sea Triumph, an oil carrier chartered by LITASCO (LUKOIL‘s international marketing and trading arm) has departed the port of Basra in Southern Iraq with the first batch of oil as part of the recovery of LUKOIL’s costs from the West Qurna-2 project. The shipment volume amounts to 1 million barrels of oil. The vessel […]

LUKOIL Starts Returning Investment on West Qurna-2

A crude carrier chartered by LITASCO (LUKOIL’s international marketing and trading arm) arrived today (Wednesday) 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 […]

Russia’s LUKoil “Exported Kurdish Oil”

By John Lee. Reuters reports that LUKoil, Russian’s biggest non-state oil producer, which is believed to be considering buying ExxonMobil‘s stake in the West Qurna-1 oil field, has bought oil from Kurdistan in defiance of Baghdad. Baghdad has long insisted it has the sole right to export oil, but LUKoil’s Geneva-based trading arm Litasco has […]

Lukoil Earmarks $4.5bn for West Qurna 2

Russia’s Lukoil aims to produce 120,000 barrels of oil a day at Iraq’s   field by the end of 2012, and is seeking customers for the fuel in Asia, according to a report from BusinessWeek. The Moscow-based company plans to begin selling crude from the field in 2013, Paul Hawkins, director of supply and trading […]