Gazprom Neft will start trading oil this year in Iraq, where it is developing the Badra field.

Trading volumes may reach 2.5 million tons a year, or 50,200 barrels a day, deputy chief executive Vadim Yakovlev said late last week.

Gazprom Neft and Korea Gas won the rights to develop the Badra oil field, with investment of at least $2 billion, in December 2009. Gazprom Neft is considering bidding for two blocks that are part of Iraq's fourth round of auctions, Yakovlev said.

(Bloomberg)