By John Lee. The Iraqi government has approved new measures to support oil marketing, storage, and domestic fuel supply, including expanded operational flexibility for key state entities. Under the decision, Iraqi Oil Tankers Company (IOTC) has been authorised to lease available tankers in the Gulf region for use in storage or other purposes aimed at extending […]
By John Lee. Iraq's State Oil Marketing Organization (SOMO) announced that it has reached advanced stages of understanding with America's ExxonMobil to secure storage capacity in Singapore, alongside negotiations on refining and profit-sharing opportunities in the Asian market. SOMO Director General, Ali Nizar Al-Shatri (pictured), told state-owned Iraqi News Agency (INA) that the company is […]
By John Lee. Reuters reports that Iraq is studying the possibility of building crude oil storage facilities in South Korea and Japan. Alaa al-Yasiri, head of the State Oil Marketing Organization (SOMO), said the move is part of a plan to increase sales to Asian clients: “SOMO’s new strategy is to form trade arms in […]
