By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Reforming and Transforming SOMO This analysis was presented via Skype Conference to the management and staff of Iraq's State Oil Marketing Organization (SOMO) on 12th December 2017: Please click here to download […]
By John Lee. Sources have told Reuters that China's state-run Zhenhua Oil will supply diesel (500 parts per million (ppm) sulphur) to Iraq's State Oil Marketing Organization (SOMO) through a term contract for the first time. It will supply 600,000 tonnes of the 2.37 million tonnes sought by SOMO in a tender for delivery in […]
By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. The Iraqi State Organization for Marketing Oil (SOMO) announced Nov. 2 that it is arranging with Turkey to allow SOMO to sell Iraqi crude from the disputed territories […]
By John Lee. Iraq's State Oil Marketing Organization (SOMO) has reportedly confirmed that talks are ongoing between Baghdad and Tehran to export crude oil from Kirkuk to the Kermanshah refinery (pictured) in Iran. SOMO Director Alaa al-Mussawi is quoted as saying that trucks would initially supply 15,000 barrels of crude oil per day (bpd) to […]
By John Lee. Iraq has replaced the head of its State Oil Marketing Organization (SOMO). Falah al-Amri [Falah Jasim Alamri, Falah al-Amiri], who has been in the top job at SOMO since March 2006, is to become an advisor on marketing and strategy at the Oil Ministry. He is to be replaced at SOMO by […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Debating SOMO Transformation New important developments pertaining to or initiated by Iraq's State Oil Marketing Organization (SOMO) surfaced during the last few months; they seemed to be integrated components of what was […]
By John Lee. Iraq is considering changing its price benchmark for Basra crude oil sales to Asia. From January, the State Oil Marketing Organization (SOMO) proposes to price relative to Dubai Mercantile Exchange (DME) Oman futures, rather than the average of Platts’ Oman-Dubai quotes. According to a report from Reuters, this would mark a significant […]
By John Lee. The head of the State Oil Marketing Organization (SOMO) has reportedly suggested that Iraq is interested in creating an oil price hedging program that would lock in prices for future trades far in advance. Falah Al Amri is quoted as saying: “We will not rush. This is a long process ... We […]
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 […]
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 […]
By John Lee. Iraq's State Oil Marketing Organization (SOMO) and Russia's Lukoil have formed a joint venture to market crude oil. In a statement, the Iraqi Oil Ministry said Litasco -- Lukoil‘s international marketing and trading arm -- would help sell Iraqi crude and train Iraqi staff in marketing. (Source: Ministry of Oil)
By John Lee. The Director of the State Oil Marketing Organization (SOMO), Falah al-Amiri, has told reporters that crude oil exports so far in March average 3.756 million bpd, including 515,000 bpd exported by Iraqi Kurdistan. According to Reuters, Iraq's oil production is down by more than 300,000 bpd, to 4.464 million (bpd), due to OPEC […]
