Oil: Iraq aims to increase the financial value of its oil

Baghdad - INA

The Ministry of Oil confirmed today, Friday, that Iraq aims to increase the financial value of its oil.
The Undersecretary of the Ministry of Oil for Extraction Affairs, Karim Hattab, told the Iraqi News Agency (INA): "This increase aims to achieve the highest financial revenues for the state treasury because it is directly dependent on the revenues obtained from the sale of oil," noting that "the Iraqi Oil Marketing Company (SOMO) adopts a mechanism."
 It is well known in the global oil market through contracts with discreet international companies that own refineries and deal with the quality of Iraqi oil. "
Hattab added that "the mechanism followed by SOMO in selling oil is through dealing with companies directly through letters and official e-mails, and it does not deal with any intermediary companies," noting that "the expected quotas for export are allocated to companies annually by a council headed by the Minister of Oil." And it includes the ministry's undersecretaries, the general manager of the oil marketing company, the concerned departments in (SOMO) as well as the directors of the supervision and legal departments in the ministry.