Petrimex gains Iraqi crude contract approval

The Slovak crude trading company Petrimex was allocated 1.8 million barrels of Iraqi Kirkuk grade crude oil under the fourth phase of the "oil-for-food" deal after being approved by the United Nations, an industry source said on June 30. Eric Falt, spokesman for the U.N. humanitarian co-ordinator in Iraq, said that the current contract total stood at 238.5 million barrels. The crude may only go to a European destination. Some 34 companies have now had crude export contracts approved by the U.N. Last May, Petrimex filed for bankruptcy.