Tag Archives | State Oil Marketing Organization (SOMO)

Iraq "Pauses Oil Pre-Payment deal with China"

By John Lee. Iraq has reportedly "put on hold" it oil contract with China's Zhenhua Oil. The multi-billion-dollar agreement would have seen Zhenhua pre-pay Iraq's State Oil Marketing Organization (SOMO) for a regular supply of crude oil. Oil prices have risen significantly since the deal was struck. More here. (Source: S&P Global)

Iraq signs $2bn Oil Deal with Chinese Firm

By John Lee. Iraq has reportedly awarded a Chinese company a deal which would see it paying $2 billion upfront for a year's supply of oil. Alaa al-Yasiri, General Manager of State Oil Marketing Organization (SOMO) told Iraqi News Agency (INA) that a Chinese company had won the contract ahead of a European company, but […]

Jordan "negotiating New Oil Contract with Iraq"

By John Lee. Iraq's State Oil Marketing Organization (SOMO) has reportedly said that Jordan is negotiating with Iraq to resume purchases of crude oil. Shafaq News Agency quotes the company's Director, Alaa al-Yasiri, as saying that Iraq exported no crude oil to Jordan in December due to the expiration of the old contract. More here. […]

Iraq "to launch new Basra Medium Crude"

By John Lee. Iraq's State Oil Marketing Organization (SOMO) has reportedly notified clients that it plans to launch a third crude oil export grade in January. Sources told Reuters that the 'Basra Medium' grade will be created by splitting the existing Basra Light production into two grades. Click here to read the full article. (Source: […]

Iraq Loses $11bn in 4 Months as Oil Prices Plunge

From Middle East Monitor, under a Creative Commons licence. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq has incurred around $11 billion in losses in four months due to the global drop in oil prices, the State Organisation for Marketing of Oil […]

Baghdad sends delegation to Erbil to Resolve Disputes

By Dana Taib Menmy for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraqi President Barham Salih met separately Sept. 18 with four Kurdistan Regional Government (KRG) leaders — President Nechirvan Barzani, Prime Minister Masrour Barzani, parliament Speaker Rewaz Fayaq and Deputy Prime Minister Qubad Talabani in Erbil, the KRG […]

SOMO Reveals More Important Data

By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. SOMO Reveals More Important Data on its Marketing Activities In my latest article I suggested that the State Oil Marketing Organization (SOMO) disclose details on its regular (term contract) marketing activities in […]

SOMO Discloses Data on its Spot Sales

By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. SOMO Discloses Data on its Spot Sales[1] In an unprecedented move, SOMO and the Ministry of Oil-MoO disclosed recently detailed data on quantities and revenues of crude oil sold directly through "electronic […]

Oil dispute reignites Baghdad-Erbil Tensions

By Kamal Chomani for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraqi Prime Minister Adel Abdul Mahdi is under great pressure from his government to force the Kurdistan Regional Government (KRG) to deliver the allotted 250,000 barrels of oil per day to the State Organization for Marketing of […]

SOMO "Squeezing Out" Oil Resellers

By John Lee. Iraq's State Oil Marketing Organization (SOMO) is reported to be restricting companies from reselling Basra crude oil on the spot market. Oil traders have told S&P Global Platts that SOMO wants to keep a greater share of the lucrative spot market for itself. The report adds that SOMO is merely implementing restrictions already embedded […]

SOMO Restarts Export of Kirkuk Oil via Turkey

By John Lee. Baghdad has reached an agreement with Kurdish authorities to resume exports from the Kirkuk oilfields, via the Turkish port of Ceyhan (pictured). In a statement on Friday, the Ministry of Oil said between 50,000 and 100,000 barrels per day would be exported through the pipeline on behalf of the Baghdad-controlled State Oil […]

Amarinth secures order for Pumps at Rumaila

UK-based Amarinth has secured its first order from Iraq Gates Contracting Company (IGCC) for $410K of API 610 OH1 pumps on 22-weeks FCA delivery for the Rumaila oil field, Iraq. This first order for Amarinth from Iraq Gates Contracting Company (IGCC) of $410K is for ten API 610 OH1 condensate transfer pumps with Plan 11 […]