Russia's Litasco to Financially Help Iraq's Nassiriya Oilfield Double Output
1/27/2021
BASRA, Iraq (Reuters) — Russia’s Litasco, an oil trading arm of Lukoil, will finance Iraq's Nassiriya oil project to double production capacity to 200,000 barrels per day (bpd), Iraq's state-run Dhiqar Oil Co said in a statement on Wednesday.
The deal which was approved by the cabinet on Tuesday includes building a 100,000 bpd oil production facility and a 42 km oil pipeline by a joint venture between State Company for Oil Projects (SCOP), an oil ministry arm overseeing the project, and Italy's Progetti Europa & Global.
The project will take 28 months, according to the statement.
The statement said Iraq's state-oil marketing company, SOMO, will pay back Litasco with crude oil shipments.
Related News
Related News
Sign up to Receive Our Newsletter

- Supreme Court Approves Completion of 303-Mile Mountain Valley Gas Pipeline
- Poland Detects Leak in Russia's Druzhba Oil Pipeline
- Energy Transfer to Buy Crestwood in $7.1 Billion Pipeline Deal
- DT Midstream Successfully Completes Phase 1 LEAP Expansion Ahead of Schedule
- Magellan Midstream Approves $18.8 Billion Sale to ONEOK, Creating Major U.S. Pipeline Player
- Supreme Court Approves Completion of 303-Mile Mountain Valley Gas Pipeline
- Canada Looking to Sell Trans Mountain Pipeline Stake to Indigenous Groups
- Energy Transfer to Buy Crestwood in $7.1 Billion Pipeline Deal
- Criteria to Consider in Selecting Water Transfer Flow Meters
- US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time
Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
Comments