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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.