Iraq Looks To Get Savvy On Crude Trading

Falih Alamri, Director General of Iraq’s state oil marketing firm Somo says that the company’s management plan to “transform Somo from a marketing company to a trading company.”

Somo recently established the ‘Lima’ joint venture with Litasco, the Geneva-based trading arm of Russian upstream giant firm Lukoil, to trade 2mn barrels per month of Iraq’s key Basra Light export grade with a view to increase volumes further. Profits are divided 50:50.

Speaking on the sidelines of the CWC Iraq Petroleum conference in London on 22 May, Mr Alamri says that “if it succeeds, then maybe we expand it to another company, maybe with shipping for example, or with storage.” (CONTINUED - 316 WORDS)

DATA INSIDE THIS ARTICLE

chart Iraq: Federal* Crude Exports Ease Since Start Of 2017 But Remain Near Record Levels (Mn B/D)