SOMO's conditions for selling Iraqi oil to international companies

Baghdad - INA 

The National Oil Marketing Company "SOMO" counted, today, Sunday, the total revenues and exports of crude oil during the first half of this year, and while it revealed the region's oil revenues directly exported, the mechanism for selecting international companies buying Iraqi crude oil and the conditions were determined.

The Associate Director General of the Oil Marketing Company for Crude Oil and Gas Affairs, Ali Nizar Faeq, told the Iraqi News Agency (INA): "We would like to show some information about the quantities exported of Iraqi crude oil by the federal government represented by the Oil Marketing Company and from the Kurdistan Region's sales of crude oil for the period From the beginning of the current year 2021 until the end of last June.

He added, "The sales of Iraqi crude oil from the southern ports of Basra light, medium and heavy oil, as well as from the northern port of Kirkuk crude oil exported by the Oil Marketing Company through the Turkish port of Ceyhan, achieved a total of 33 billion dollars, and a monthly rate of about 5 billion and 500 million dollars." American," noting that "the rate of sales was volatile and about an increase, and it was a total of about 528 million barrels until the end of last June.".

He pointed out that "sales from the Kurdistan region, which are outside the exports of the Oil Marketing Company, when directly sourced by the region, amounted to about 77 million barrels, while its total revenues, if calculated at the export price of a barrel of Kirkuk crude oil by the Oil Marketing Company, would be Therefore, the total revenue achieved until the end of last June was about 4 billion and 800 million US dollars.

With regard to the approved and standardized mechanisms of the Oil Marketing Company to invite companies to purchase Iraqi crude oil, Faeq said, “The mechanism is known to all international companies and is unified as well. In different markets and regions of the world, with the application of financial and global suitability standards and the ability to withstand various market fluctuations.