Reuters logo
LyondellBasell says won't buy anymore disputed crude from Iraq
July 31, 2014 / 4:50 PM / 3 years ago

LyondellBasell says won't buy anymore disputed crude from Iraq

HOUSTON, July 31 (Reuters) - LyondellBasell, which has reportedly bought Kurdish crude oil being claimed by Iraq, confirmed on Thursday it has recently purchased “modest quantities of Iraqi crudes” for its Houston Refining unit.

The company, in its first comments on the issue, said it would scrap additional purchases for the time being.

“This Iraqi crude is apparently now the subject of an ownership dispute,” the company said.

“We have cancelled further purchases and will not accept delivery of any of the affected crude until the matter is appropriately resolved,” the company said in a statement.

It said the purchases were made through a reputable international trader and complied with U.S. law.

U.S. government data shows the company received two shipments of crude similar to Kurdish oil in May.

It was not immediately clear if the company had also agreed to buy a cargo of some 1 million barrels worth $100 million that is currently on the tanker United Kalavrvta. That cargo has been anchored off the coast of Texas and is at the center of a legal dispute between the central government of Iraq and the Kurdistan Regional Government over who owns it. (Reporting By Terry Wade; Editing by Marianna Parraga)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below