SOMO considers JVs in Oil Shipping, Storage

By John Lee.

Reuters reports that following the setting up a new oil trading firm with Lukoil subsidiary Litasco, the State Oil Marketing Organization (SOMO) is considering setting up similar ventures in shipping and oil storage.

The news agency quotes the head of SOMO, Falah Alamri, as telling the CWC Iraq Petroleum Conference:

The idea is not only the money, the idea is to transfer SOMO from a marketing company to a trading company.

“At the moment we started with one company and if it succeeds maybe [we will] increase to another company with shipping … storage.”

(Source: Reuters)

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