Iraq oil sold.

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http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2003/06/13/cnoil13.xm
l/

Iraqi oil awarded to a variety of nations
By Malcolm Moore (Filed: 13/06/2003)


The first crude oil to come out of Iraq after the war was yesterday awarded
to a surprisingly international group of oil companies.

The six companies which won part of the shipment were Spanish refiners
Repsol and Cepsa, TotalFinaElf from France, Tupras of Turkey, Italian ENI
and US major ChevronTexaco.

The distribution allayed fears that the US and Britain would mop up Iraqi
oil because of their prominence in the war. Traders also said that it was
politically important to demonstrate that the US would not interfere with
Iraqi oil policy.

The US will receive 4m barrels of crude, while 5.5m will go to Europe.
Mohammed al-Jibouri, the director of Iraq's state oil marketing
organisation, declined to comment on the prices paid for the oil.

Despite French opposition to the war, TotalFinaElf was awarded 2m barrels. A
total of 52 companies bid for the crude, but three companies were
disqualified for not being refiners.

Meanwhile, Kamal Kharrazi, the Iranian Foreign Minister, said the US
sanctions on Iran have cost American oil companies the chance to bid for $4
billion of new oil contracts.

"On our part, we do not see problems for US oil firms willing to work in
Iran. If they do not co-operate with Iran, this is due to America's
embargo," he said.

"As a matter of fact, America's attitude harms only US companies. They could
have benefited a lot. But, instead of US firms, European, Russian, Malaysian
and Chinese companies are working in our country."