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. Last Updated: 07/27/2016

Tatneft Signs Deal

MOSCOW -- Russia's Tatneft has signed a 2.7 million barrel contract to lift Iraqi crude under the third United Nations oil-for-food program, completing the list of 12 Russian oil firms due to take part, a senior official said Tuesday.

"Tatneft has signed for 2.7 million barrels with the Iraqis," said Yury Agababov, head of oil trader Zarubezhneft, which coordinates Russian firms' liftings. "We still need to get the final figures, but it [the Russian total] will be somewhere around 58 million barrels."

Under the second phase of the oil-for-food program, 10 Russian companies lifted an unofficial total of just under 39 million barrels of Iraqi oil, or around 31 percent of the total 127 million barrels exported under that deal.