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MOL begins crude oil export from Iraq

MOL has announced the start of crude oil exports by partnering company Gulf Keystone from the Shaikan Block in Iraq’s Kurdistan region; MOL owns a 20% stake in the block. According to MOL’s figures, as many as 215,000 barrels (or 33,000 tons) of crude was shipped from Iraq to Turkey in December.

A company statement added that a second tender is underway for two further deliveries of similar size, and these are expected to be completed in February.

Sales of the Shaikan production facility’s export-quality crude oil currently stands at between 9,000 and 10,000 barrels per day. Construction work on a second production facility for the site is ongoing.

Per plans announced in June 2013, Gulf Keystone expects to be producing 150,000 barrels daily from Shaikan within three years.