MercoPress. South Atlantic News Agency

Iraqi oil for Repsol-YPF

The Spanish Argentine oil company Repsol-YPF confirmed a contract to purchase oil from Iraq. This is Repsol-YPF's second contract since coalition forces ousted former Iraqi president Saddam Hussein.

According to the Spanish-Argentine consortium CEO, Alfonso Cortina the contract was signed with the Iraqi State Oil Marketing Commission and contemplates the delivery of "Bassora light" oil.

However Mr. Cortina said the contract was not significant or relevant since the volume purchased only represents five days work for the company's refining capacity of 1,2 million daily barrels. Repsol-YPF describes the "Bassora light" as excellent oil for mixed refining.

Mr. Cortina revealed that Iraq has reached pre-war oil and gas production levels.