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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The overthrow of the director of Sumo raises speculation about its connection to the new pricing of

    Rocky
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    • Post n°1

    The overthrow of the director of Sumo raises speculation about its connection to the new pricing of Empty The overthrow of the director of Sumo raises speculation about its connection to the new pricing of

    Post by Rocky Tue 12 Sep 2017, 2:21 am

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    The overthrow of the director of Sumo raises speculation about its connection to the new pricing of Iraqi crude


     Baghdad / Zahraa al-Jassim 

    The price announced by the oil marketing company Somo may have overthrown its director, Falah al-Amiri, so quickly, which has since the announcement of criticisms of experts on the Arab and global oil, so that some described as reckless, according to oil experts who did not rule out also stand And a ministerial order was issued a few hours after Amiri's exemption by assigning Alaa Khader Kadhim Yasiri to the duties of Director General of the Oil Marketing Company "SOMO" as an agency instead of Falah Al-Amri, who was transferred to the ministry and was assigned the duties of the ministry adviser Marketing And strategies. 
    The sources had earlier reported the exemption of the Director General of the oil marketing company "Sumo" Falah al-Ameri from his post, indicating that the Ministry of Oil decided to exempt the Director General of the marketing of oil (Sumo) Falah al-Amri from his duties
    But there is no evidence or facts about the nature of these charges, which is likely to be the new price of Sumo, is to throw the left because it drew criticism from experts on the Arab and global oil, they estimate will make Iraq lose much of the current market share in Asia, Are considered to be major buyers of Iraqi oil. Thus, the overthrow of Al-Amri could aim to send a positive message to these customers to maintain market share and perhaps reconsider the pricing that has not yet been approved. Depends on the sale of Iraqi oil equivalent to the Gulf and Brent crude, he wanted to make Iraqi oil important oil to calibrate in determining price mechanisms.
    The Iraqi oil marketing company "Sumo" told its customers last August that it intends to change the benchmark price of Basra crude in Asia to the price of Omani crude oil futures on the Dubai Mercantile Exchange, from the average price of Dubai and Oman crude on the Platts platform as of September. 
    While the Kuwaiti newspaper "Al-Rai" attacked Iraq's decision to re-price its crude oil in Asia, describing it as a "reckless and ill-considered" step, while expecting a "crisis" between Iraq and its customers in the Asian market.
    Durgham Mohammed Ali points out that although Sumo's recent pricing step is ambitious and good, it needed more work rather than an individual decision from Iraq. It should have been taken globally through mechanisms rather than arbitrarily, so it was not successful. Enough to convince the customers of Iraqi oil buyers, which confirms that the new pricing is to oust Al-Amri so quickly and not files of corruption as some want to say, echoing saying: The dismissal of Amiri came to maintain the share of Iraq in the Asian markets, which is the buyer of the basis of Iraqi oil Especially as this market is experiencing a growth contrary to the market American and European that may reach zero sometimes, which means that the future of business in the Asian market is more important than the European and American market.
    On the other hand, there is clear targeting by political parties that the company was firm with the Kurds in the sale of Kurdish oil, and because of government pressure on the Kurds to sell their oil through the company Sumo, there was a clear tension between the company Sumo and Kurdish politicians, SOMO is an internationally recognized court. Pricing mechanisms are accepted by customers, in addition to being transparent. Iraq has qualified to enter the EITI. This has positively reflected Iraq's position in the oil market as the largest member of this organization. Amiri came on a background Political level and at the same time is a consolation for customers to buy Iraqi oil in the Asian market after the rejection of the new pricing, it is certain that his dismissal is not a punishment.
    On August 24, 2017, a member of the Oil and Energy Committee, Mazen Al-Mazni, disclosed documents concerning violations in the work of the Oil Marketing Company (SOMO), while the Prime Minister Haider Abadi called for intervention to stop these violations, MP from the Kurdistan Democratic Party Majid Shankali , On 19 August 2017, Prime Minister Haider Abadi replaced the general manager of the company "Sumo", describing the company as "closed fortress", because they conclude financial contracts and trade deals tens of billions of dollars annually without knowledge of them. 
    Iraq surpassed Saudi Arabia and Iran in the rate of production of Iraqi oil during June 2017, 4,502 thousand barrels per day.
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