7:00 AM ADMIN
Baghdad/ Iraq TradeLink: Iraqi oil ministry confirmed that a joint project will be agreed upon with
Russian Lukoil Company and Iraqi Oil Marketing Company (SOMO) to market Iraqi crude oil.
In a statement, this agreement comes within the framework of increasing Iraqi oil production to reach 5 million b/d.
SOMO's average exports of oil reached to 3.756 million b/d in March, 2017.
Lukoil has a representation office in Iraq and one of the major oil companies operating in the country and developing West Qurna Oilfield, which production is expected to reach 1.2 million b/d by 2021.