SOMO deals with International Companies to sell Iraq crude Oil

Iraq’s Ministry of Oil stressed that it is cooperating with international companies to sell crude oil, pointing that Iraq is the only country that exports its crude oil to more than 25 international companies.

On the sidelines of a forum held by SOMO over Iraq’s oil exports mechanisms the director of Iraq’s State Oil Marketing Organization (SOMO), Falah al-Ameri, told Alsumaria News that Iraq is selling its oil to international companies involved in extraction and refining, such as ExxonMobil, ConocoPhillips, BP and Shell.

The second kind of companies Iraq is dealing with are the smaller independent international companies, and other refining companies such as Valero from the US and IOC in India.

During the first 10 days of each month SOMO holds meetings in order to follow-up international oil market indicators in order to set the prices for the month to come which is fixed according to the international demand for Iraqi oil, which contains sulfur, in the current month and next month.

Iraq’s crude oil, the majority of which is produced in and around Basra, contains 2.2% sulfur and the demand for it is higher during winter as it contains white oil and gasoline while the light oil produced in Dubai and west Texas and Europe is mainly used to extract benzene.

(Source: Alsumaria News)

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