Baghdad (IraqiNews.com) – Iraq’s State Oil Marketing Organization (SOMO) has signed two agreements with OQ, formerly known as Oman Oil Company, and its subsidiary, Oman Tank Terminal Company (OTTCO), during the recent official visit of Iraqi Prime Minister Mohammed Shia al-Sudani to Oman.
According to the Oman News Agency (ONA), the first agreement establishes a strategic partnership to develop an integrated project to store Iraqi crude oil in the Special Economic Zone at Duqm (SEZD), the largest special economic zone in the Middle East and North Africa.
The project includes the construction of facilities for storing, loading, and unloading crude oil with an initial capacity of 10 million barrels that may be raised based on the investment process’s economics.
The second agreement specifies that OQ will market Iraqi crude oil in global markets, leveraging both parties’ administrative and commercial capabilities and knowledge to increase the commercial value of trading Iraqi crude oil in global markets.
The step is intended to pave the way for expanded business collaboration and knowledge exchange between Iraq and Oman.
These two agreements represent an important phase in the economic cooperation between Oman and Iraq. They create promising opportunities for joint growth by developing modern oil storage facilities and enhancing the value of oil trade.
This collaboration aims to solidify both countries’ roles as key players in the global energy market.
The agreements also allow for information sharing between OQ and SOMO, which will increase bilateral investments, generate new employment opportunities in both the private and public sectors, and support long-term economic growth.
The step underlines the two sides’ desire to broaden their worldwide footprint and strengthen their positions as dependable partners internationally.
