08:22 PM EST June 13, 2003
The Associated Press
SAN FRANCISCOChevronTexaco Corp. and five other companies have agreed to buy 10 million barrels of Iraqi oil, marking the battered country's first major oil export since the invasion by the United States and Britain.
ChevronTexaco was the only U.S. company involved in the sale, which was disclosed earlier this week by Iraq's state oil marketing firm. ChevronTexaco had been a major importer of Iraqi oil before the March war that ousted the regime of Saddam Hussein.
Besides ChevronTexaco, the other companies buying the Iraqi oil are Turkey-based Tupras, France-based Total, Italy-based ENI and Repsol and Cepsa, both based in Spain.
The sale, made possible by the United Nations' recent decision to lift economic sanctions on Iraq, is expected to clear space in oil storage tanks to accommodate more production.
The money from the sale will go to a U.S.-controlled fund that is helping to pay for rebuilding efforts in Iraq.
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