Iraq signs oil deal with Chevron


Since 2018-06-06 at 23:22 (Baghdad time)

Baghdad Mawazine News

Iraq has signed an agreement with Chevron to allow the company to conduct surveys and studies at oil sites and facilities, Iraqi Oil Minister Jabbar al-Allaibi said on Wednesday.

Al-Luaibi said at the signing ceremony that Chevron signed a memorandum of understanding with Basra Oil Company and Dhi Qar Oil Company, which also includes helping the two companies improve technical, administrative and financial performance.

This came at a time when the Iraqi Oil Ministry said that Iraq began exporting the first shipment of crude oil through the Iraqi tanker company for the first time since 1991.

The shipment is 2 million barrels and will be sent to the United States, the ministry said in a statement.

A commercial source familiar with the matter that Valero hired the tanker from the Iraqi tanker company.

“This step comes to restore the activity of the Iraqi tanker company in transporting crude and oil derivatives to all parts of the world,” the statement said.

He added that the company has concluded a number of cooperation agreements with the Arab Shipping Company “in a step to build the phase of this sector, which has ceased its activity since 1991.”

Arab oil producers such as Saudi Arabia, the United Arab Emirates and Kuwait have a stake in the Arab Shipping Company.

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