By John Lee.
Iraq’s State Oil Marketing Organization (SOMO) and Russia’s Litasco — Lukoil‘s international marketing and trading arm — have set up a joint oil trading company in Dubai.
A source told Reuters that the new venture, LIMA Energy, is building a team to work at the Dubai Multi Commodities Centre (DMCC) to trade in crude oil from Iraq, Russian and other countries, and will lift the first cargo of Iraqi crude this month.
It is understood that up to 10 SOMO members of staff, including its head of shipping, could be seconded to the new company.
Last month, Iraq’s Ministry of Oil confirmed that SOMO had formed a joint venture with Litasco to market crude oil.