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
- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Intensity, Rainbow Energy to Build 344-Mile Gas Pipeline Across North Dakota
- U.S. Moves to Block Enterprise Products’ Exports to China Over Security Risk
- Court Ruling Allows MVP’s $500 Million Southgate Pipeline Extension to Proceed
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- A Systematic Approach To Ensuring Pipeline Integrity
- 275-Mile Texas-to-Oklahoma Gas Pipeline Enters Open Season
- LNG Canada Start-Up Fails to Lift Gas Prices Amid Supply Glut
- Kinder Morgan Gas Volumes Climb as Power, LNG Demand Boost Pipeline Business
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