Somo is making about $ 70 million in additional revenue for the state treasury
Oil Minister Thamir Abbas al-Ghadhban announced on Sunday that the Iraqi Oil Marketing Company (SOMO) will achieve about 70 million dollars in additional revenues for the state treasury. He said marketing all the quantities available for export would contribute to increasing Iraq’s share in world markets.
“Sumo was able to generate additional revenue for the state treasury of 69,942,056,90 US dollars, through the sale and marketing of instant shipments of quantities during the period from June 2017 to the first week of July 2019,” ministry spokesman Assem Jihad said in a statement received by Kalamgames Press. “He said.
He added that “the company was able to sell shipments of 3 million barrels of heavy Basra crude in July, as well as the sale and marketing of three other shipments of 1.8 million and eight hundred thousand barrels of Kirkuk crude oil by announcing them as immediate shipments according to the basis of marketing-based study And the assessment of global markets. “
“The total additional revenue expected from this activity for July 2019 will be approximately 3,070,000 three million seventy thousand dollars.”
He pointed out that “the marketing of all the quantities available for export in addition to the immediate sale of shipments will enhance the position and position of Iraq and increase its share in the global markets,” explaining that “the success of Somo comes within the efforts and the efforts of the Ministry of Oil to develop the methods of selling approved, including the sale of instant shipments at prices of price The official sale, in addition to the resumption of marketing Kirkuk crude oil to the global market through the re-pumping quantities across the system of pipelines in the Kurdistan region.“ Source