Gazprom Neft expects to prolong trading contract in Iraq
PANCEVO, Serbia. Nov 2 (Interfax) - Gazprom Neft expects to prolong its contract to conduct trading operations in Iraq into next year, the company's Deputy CEO for Logistics, Processing and Sales Anatoly Cherner told the press.
"Since the beginning of the year we have performed deals for 1.4 million tonnes of oil. By the end of the year we will raise volumes to 1.6-1.8 million tonnes," he said.
"Negotiations are underway, and we expect to prolong the contract to next year," Cherner said.
Gazprom Neft initiated trading operations in Iraq this year, expecting to trade 1 million tonnes of oil. The company's First Deputy General Director Vadim Yakovlev previously said that Gazprom Neft expected to conduct such operations worth up to 2.5 million tonnes a year in Iraq.
Gazprom Neft intends to earn on a trade margin, which will boost its savings in Iraq. At the moment, the company is operating the project to develop the Badra field in Iraq.
