Somo: Iraq still at the first positions in the Indian market

Economy/International

15-04-2022, 20:17

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Baghdad - INA

The Oil Marketing Company (SOMO) clarified today, Friday, the fact that India has abandoned importing Iraqi oil and heading towards Russian oil, while confirming that it has major contracts with the largest Indian companies that own refineries in India.

The director of the company, Alaa Khader Al-Yasiri, told the Iraqi News Agency (INA), that "since the outbreak of the Russian-Ukrainian war, global crude oil prices have been significantly affected, as they rose rapidly towards record numbers that were not recorded for many years, which prompted many countries buying crude oils. To search for less costly alternatives to avoid losses resulting from high prices.

Al-Yasiri added, "Several countries, including India, found that Russian crude oils, which are sold at very large price discounts, as a substitute for competing crude oils, as India recorded a significant increase in the purchase of Russian oil quantities during the month of March, exceeding their levels recorded for the past 2021."

He pointed out that "the Oil Marketing Company has succeeded, since 2017, to be the owner of the largest marketing share in the Indian market, after great efforts made and are still being made by the marketing cadres in this company," noting that "despite the rise in Russian oil imports to India, Iraq is not It continues to maintain the first positions in the Indian market, as this company has large contracts with the largest Indian companies that own refineries in India, government and private.