Repsol-YPF signs contract to buy Iraqi oil

Dec 15, 2003 01:00 AM

Spain's leading oil group Repsol YPF has signed a contract with Iraq's oil marketer SOMO to buy 6 mm barrels of Basra Light crude during the first half of 2004.
Repsol-YPF Executive President Alfonso Cortina was quoted as saying that it was the second contract signed between his company and Iraq's State Oil Marketing Organization (SOMO) after the United States and its allies occupied Iraq in April.

Cortina said Repsol-YPF and other companies decided to buy Iraqi oil because it has good quality. He said Repsol-YPF's refining capacity is 1.27 mm bpd, adding that the oil which it will buy from Iraq will only meet its production demand for five days.
Repsol-YPF is the biggest Spanish oil group and seventh biggest global producer.

Source: Xinhua News Agency
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