Six companies buy Iraqi oil

Six 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 US and Britain.

The companies are US-based ChevronTexaco, Tupras of Turkey, Total of France, ENI of Italy and two Spanish firms, Repsol and Cepsa.

Iraq’s state oil marketing firm announced the sale earlier this week.

The sale, made possible by the UN’s 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 US-controlled fund that is helping to pay for rebuilding efforts in Iraq.