Tuesday, May 17, 2011
SOMO deals with International Companies to sell Iraq crude Oil
On Monday Iraq Ministry of Oil stressed that it is cooperating with International renowned companies to sell Iraq crude oil pointing that Iraq is the only country that exports its crude oil to more than 25 international company.
On the sidelines of a forum held by SOMO over Iraq’s oil exports mechanisms the director of Iraq's State Oil Marketing Organization (SOMO), Falah al-Ameri told Alsumarianews that Iraq is selling its oil to international renowned companies which start by extracting the oil and end up by refining the same including Exxon Mobil Company, ConocoPhillips US oil companies, BP British Company and Shell Dutch company.”
The second kind of Companies Iraq is dealing with are the internationally independent companies which are smaller than the other companies and other companies in refiners field such as Valero in the US and IOC in India while the fourth kind of companies are those which are appointed by their countries instead of refineries such as Mitsubishi and Toyota in Japan.
Iraq is the only company that exports its oil production to more than 25 international oil companies as it comes right before Saudi Arabia, Ameri said.
During the first 10 days of each month SOMO holds meetings in order to follow-up international oil market indicators in order to set the prices for the month to come which is fixed according to the international demand on the Iraqi oil which contains sulfur, this month and the upcoming month.
Iraq oil the majority of which is produced from Basra crude oil contains 2.2% of sulfur and the demand on it is higher during winter as it contains white oil and gasoline while the light oil produced in Dubai and west Texas and Europe is mainly used to extract benzene.
By developing its oil fields Iraq bids to produce 11 million barrels of oil daily at least in the six years to come, and to 12 million barrels per day after adding the quantities extracted from other fields with the national effort.
http://www.alsumaria.tv/en/Iraq-News/1-64213-SOMO-deals-with-International-Companies-to-sell-Iraq-crude-Oil.html
