Iraq’s State Oil Marketing Organization (SOMO) announced that it has reached advanced stages of understanding with America’s ExxonMobil to secure storage capacity in Singapore, alongside negotiations on refining and profit-sharing opportunities in the Asian market.
SOMO Director General, Ali Nizar Al-Shatri (pictured), told state-owned Iraqi News Agency (INA) that the company is pursuing agreements with ExxonMobil to utilise storage tanks in Singapore and other Asian locations, and is also exploring refining capacity and joint trading of crude oil and petroleum products.
He stressed that SOMO’s strategy focuses on maximising Iraq’s financial revenues and reinforcing its global oil position, particularly in Asia, which he described as the only market witnessing substantial growth in refining capacity and demand.
Al-Shatri highlighted the long-standing relationship between Iraq and American companies, noting that ExxonMobil has been a partner for more than five decades, supplying Iraqi crude oil to refineries across the United States, Asia, and Europe. He said the expansion of such partnerships helps balance Iraq’s oil trade between American, European, and Asian markets.
(Source: INA)
