Rosneft signs landmark deal to buy KRG crude

In a sign that Kurdistan's oil sector is shedding some of its legal and political risk, KRG crude will now supply the refineries of Russia's largest oil company.
Rosneft signs landmark deal to buy KRG crude
A tanker loads crude at the Turkish port of Ceyhan, May 2015. (STAFF/Iraq Oil Report)

ERBIL - Kurdistan has signed a three-year crude supply agreement with Russian state oil giant Rosneft, a milestone in the regional government's efforts to establish an independent oil sector.

"It is the first time the KRG has supplied crude directly to a major global oil refiner and reflects the growing confidence of the international oil market in KRG crude," said a KRG official with knowledge of the deal.

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