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Samson: Sumo: India and China get more than 60% of Iraqi oil

23rd February, 2021

The “Sumo” Iraqi oil marketing company confirmed, Tuesday, that India and China obtain more than 60% of the domestic oil, indicating that Iraq is studying the construction of storage tanks in 3 Asian countries

“Iraqi oil continues to flow to India this month with the aim of preserving its market share in the South Asian country, which with China accounts for more than 60%,” S&P Global Plat quoted the vice president of the Iraqi Oil Marketing Company, SOMO, Ali Al-Shatri. From Iraqi crude.

He added, “We did not withhold our exports last January and February this year, because India is an important market for us, and our customers depend to a large extent on our oil. Therefore, we will not prevent our exports to them unless there is a compelling force that forces us to do so

Indian imports of Iraqi oil increased by 9.4%, reaching 50.17 million metric tons, or the equivalent of 351.19 million barrels (one ton equals 7 barrels), which contributed to meeting about 25% of the Indian market’s needs in 2020. Iraq replaced Iran in the Indian oil import market, after it gradually declined in recent years, until it reached zero in 2020, after the imposition of sanctions on Tehran

“Asian markets have priority in our oil. We will not do anything that makes us lose those markets or the confidence of our customers there,” Al-Shatri said, noting that “our share in the European and American markets is much less than in the Near East

India, China and South Korea top the list of the largest Asian markets in importing Iraqi oil, Al Shatri said. Iraq occupied the third largest oil supplier to China, which is the second largest consumer of crude in the world after America, last year, with a market share in Beijing, which is 11.1%

Al-Shatri pointed out that “there is a new market in the two Asian countries from independent companies. Our oil exports to the two countries were directed to companies owned by the two countries only before. He added that 38 independent Chinese oil refineries get Iraqi oil now, and the quantities they obtained on an annual level in January last increased by 25%, and reached 800 thousand metric tons, indicating that the Basra Company ranked 9 in the oil-exporting companies to those refineries

Baghdad is considering building storage tanks in Asia to increase Iraqi oil exports, with the aim of ensuring that supplies of the second largest producer of crude oil in OPEC reach customers in those markets. The move comes within the framework of Iraq’s efforts to provide permanent markets for oil, which is the country’s main source, in light of its suffering and financial crises

Vice President of the Iraqi Oil Marketing Company “SOMO” Ali Al-Shatri said that Iraq will choose a place to store its oil in one of its three main Asian markets, namely India, China and South Korea.  He pointed out that “we may negotiate with some customers in these countries that have the possibility of storing oil, so that we can provide crude to all our customers in all times and situations, and even in critical times in the Gulf region

He explained that bad weather in the Gulf may adversely affect southern oil exports, in February, and is expected to reach 2.8 million barrels per day, which is less than the federal government’s expectations in Iraq by a limited percentage

On the other hand, Al-Shatri revealed a new system to sell Iraqi oil to customers directly in the spot market, instead of invitations via e-mail, and is currently testing about 55 customers. He pointed out that no date has been set for the start of the system, but it is being prepared for it now   LINK


Samson:  28 arrest warrants for Iraqi officers who overlooked their associates’ time in exchange for money

23rd February, 2021

The investigations conducted by the Federal Integrity Commission resulted in the case of a number of officers taking sums of money from affiliates; In exchange for neglecting their regular attendance, the judiciary issued arrest warrants against a number of officers.

The Investigation Department of the Commission, and in its discussion of the details of the case that it investigated and referred to the judiciary, reported that the judiciary had issued 28 arrest warrants against officers who took the task of commanding formations in one of the commandos brigades operating in Maysan governorate, explaining that these orders came against the background of suspicion of taking sums of money Affiliates in the brigade; In exchange for forgetting the permanence of these associates on a regular basis.

The department continued that the Commission’s investigation office in Maysan governorate completed the investigations in that case, after gathering the available evidence, checking it, and issuing independent papers for each violation, and presenting them to the competent court that decided to issue those orders against the accused in the case. Based on the provisions of Article (307) of the Iraqi Penal Code.

Article 307 of the Iraqi Penal Code states that “every employee or person charged with a public service who requests or accepts for himself or another a gift, benefit, advantage, or promise of something like that in order to perform a work of his job or abstain from it or breach the duties of the job shall be punished with imprisonment for a period not exceeding Over ten years.”  LINK