US based Occidental Petroleum Corporation and South Korea's Kogas have received their first cargo of crude oil as payment for helping to develop Iraq's Zubair oilfield.

Shipping sources said that the vessel Hellespont Trooper left Basra on Sunday carrying one million barrels of Basra light. Occidental received 600,000 barrels and Kogas 400,000 barrels.

A source at the Iraqi state oil company SOMO said that the average selling price for Iraqi crude for July was around USD 108. The vessel Olympic Legend also left on Sunday from the Basra oil port carrying 2 million barrels of Basra light crude for China's CNPC.

The SOMO source said that it was the second payment to CNPC for developing the Rumaila oilfield.

(Sourced from Reuters)