• 15 mins Is A Russia-Cuba Energy Deal In The Works?
  • 3 days Iraq Begins To Rebuild Largest Refinery
  • 3 days Canadian Producers Struggle To Find Transport Oil Cargo
  • 3 days Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 3 days China's CNPC Considers Taking Over South Pars Gas Field
  • 3 days BP To Invest $200 Million In Solar
  • 3 days Tesla Opens New Showroom In NYC
  • 3 days Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 3 days Venezuela Sells Oil Refinery Stake To Cuba
  • 3 days Tesla Is “Headed For A Brick Wall”
  • 4 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 4 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 4 days Goldman Bullish On Oil Markets
  • 4 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 4 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 4 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 4 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 4 days Colombia Boosts Oil & Gas Investment
  • 5 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 5 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 5 days Aramco On The Hunt For IPO Global Coordinators
  • 5 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 5 days India Feels the Pinch As Oil Prices Rise
  • 5 days Aramco Announces $40 Billion Investment Program
  • 5 days Top Insurer Axa To Exit Oil Sands
  • 6 days API Reports Huge Crude Draw
  • 6 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 6 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 6 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 6 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 6 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 6 days Exxon To Start Reporting On Climate Change Effect
  • 7 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 7 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 7 days Forties Pipeline Could Remain Shuttered For Weeks
  • 7 days Desjardins Ends Energy Loan Moratorium
  • 7 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 7 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 7 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 10 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
UK Gas Prices Rise Most In 8 Years On Explosion, Outages

UK Gas Prices Rise Most In 8 Years On Explosion, Outages

Extreme weather warnings, the Forties…

U.S. Shale Output Rises As OPEC Production Falls To 6-Month Low

U.S. Shale Output Rises As OPEC Production Falls To 6-Month Low

OPEC’s crude oil production dropped…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Russia’s Lukoil, Iraqi SOMO Create Dubai-Based Oil Trading Firm

Oil Barrels

Litasco, the international oil trading company of Russia’s Lukoil, and Iraq’s state oil marketing firm SOMO have created LIMA Energy—a joint oil trading company based in Dubai, Reuters reported on Tuesday, citing trading sources.

LIMA Energy will trade Iraqi, Russian, and other crude oil grades, and will lift the first cargo of Iraqi crude this month, according to Reuters’ sources.

LIMA Energy was set up following the model of Oman Trading International (OTI), which was created as a joint venture between Oman Oil Company (OOC) and Vitol, the sources told Reuters.

In November 2015, Vitol’s 30 percent interest in the Oman venture was transferred to the State General Reserve Fund, making Oman the sole owner of OTI, which trades Omani crude oil.

According to Reuters, Iraq’s oil ministry said last month that it planned to form an oil marketing joint venture with Litasco, but did not go into specifics.

Geneva-based Litasco was set up in 2000 as the exclusive international marketing and trading company of Lukoil. Litasco has affiliates in the United Arab Emirates (UAE), among other countries, and a representative office in Iraq.

In 2015, the total volume of physical barrels handled was 3.2 million barrels per day. Lukoil volumes accounted for 51 percent of the marketing, and third-party trading made up 49 percent of Litasco’s transactions.

Related: The Return Of Bearishness In Oil Markets

Lukoil, for its part, holds 75 percent in the West Qurna-2 field project in southern Iraq, 65 kilometers (40 miles) northwest of the major seaport Basra. Lukoil, in partnership with Japan’s Inpex, has also won the right to explore and develop Block 10 in Iraq, which is located in the proximity of the major fields Rumaila and West Qurna.

SOMO -- which markets oil from the fields controlled by the central government in Iraq, but not those under Kurdish control -- saw its average exports at 3.756 million barrels per day in March.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News