Tag Archives | State Oil Marketing Organization (SOMO)

INOC takes over 9 State Oil Companies

By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has transferred ownership of nine state-owned oil companies from the Ministry of Oil to the newly-created Iraqi National Oil Company (INOC). The Minister is also the President of INOC. The companies transferred to INOC ownership are: Iraqi Oil Exploration Company Iraqi Drilling Company (IDC) State […]

SOMO may buy Oil Storage in Asia

By John Lee. Iraq’s State Oil Marketing Organization (SOMO) is reportedly trying  to acquire storage tanks in Asia. According to Reuters, any deal may involve a profit-sharing arrangement. (Source: Reuters)

SOMO "Close to JV" with China's Zhenhua

By John Lee. Iraq's State Oil Marketing Organization (SOMO) is reported to be close to a deal with China's state-run Zhenhua Oil to boost its crude oil sales. According to Reuters, China is under pressure to cut oil purchases from Iran, as the United States re-imposes sanctions on Tehran. More here. (Source: Reuters)

SOMO Does Not Work This Way

By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Below is the full Arabic text and source of what was reportedly said by Abdul Alal AL-Yassiry, the Chairman of the Iraqi Centre for Economic and Investment Consultation in Karbala. What prompts […]

Floating Oil Island for Iraq's Expected Spurt in Exports

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. Floating Oil Island will handle Iraq's expected Spurt in Exports The South Oil Co. (SOC) [possibly should be Basrah Oil Company (BOC), as per comment below, - Editor] […]

Oil Ministry makes first Direct Shipment of Crude

By John Lee. Iraq's Ministry of Oil has made its first direct shipment of crude oil since 1991. The two-million barrel shipment was made via its subsidiary company, the Iraqi Oil Tankers Company (IOTC). It will be delivered to a US-based customer of the State Oil Marketing Organization (SOMO). (Source: Ministry of Oil)

Iraq could transport 1m bpd via Aqaba

By John Lee. Iraq could transport up to a million barrels of oil per day through the Jordanian port of Aqaba (pictured), according to a report from The National. Ali Nazar Faeq Al Shatari, deputy director general for the State Oil Marketing Organization (SOMO) told The National: “That project is still in place and we’re […]

ZhenHua expands China’s role in Iraq’s Oil Sector

By John Lee. Iraq Oil Report reports that the China ZhenHua Oil Company, a subsidiary of state-owned arms manufacturer Norinco, is poised to make two new investments in Iraq’s oil sector. It says the company is forming a new oil trading joint venture with the State Oil Marketing Organization (SOMO) and is negotiating the upstream […]

Iraq to launch new "Basrah Medium" Crude Oil Grade

By John Lee. Platts reports that Iraq plans to launch a new Basrah Medium crude oil grade "whenever logistics allow," to provide "more stability" in existing grades. It quotes Ali Nazar al-Shatari, the Deputy Director General of the State Oil Marketing Organization (SOMO) as saying the new grade will have an API gravity of 29-30 degrees, […]

Baghdad keen to Restart Oil Exports through Turkey

By John Lee. Iraqi Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] is to visit Turkey this week to discuss expanding cooperation in the oil and energy sector. Among the topics for discussion will be the possible restarting of oil exports via the Turkish port of Ceyhan (pictured), and the export the Iraqi oil “by SOMO company […]

Baghdad "bans" Kar Group from Kirkuk Oilfields

By John Lee. The Iraqi parliament has reportedly banned Erbil-based Kar Group from operating oil fields in Kirkuk. According to Rudaw, it assigned the state-owned North Oil Company (NOC) to take over oil production in the province and export it through Iraq's State Oil Marketing Organisation (SOMO). Reuters reports that Kar Group had been operating some […]

Reforming and Transforming SOMO

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 […]