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[size=36]Sumo is offering two bids to sell Basrah crude at an unusual price[/size]
03:09 - 08/02/2019
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BAGHDAD (Reuters) -
Iraq's Oil Marketing Company (SOMO) has bid to sell two million barrels of Basra's light and heavy crude in March, the two bids said on an unusually high price.
The sources told Reuters news agency that the buyers would have to offer discounts for the official sale price of Basra crude for Asia, for shipments that could go anywhere in the world.
Such shipments, known as free-of-destination, have traditionally been priced in excess of the official sale price of Basra crude in the area of delivery.
The buyers will have to work on converting standard raw materials to those sold in other regions and bear the risk, the sources said.
The bidder will also allow Sumo to develop an assessment of other areas that will be able to pay a price higher than the official selling price for Asia, which is usually the highest, according to one source.
Iraq's Oil Marketing Company (SOMO) has bid to sell two million barrels of Basra's light and heavy crude in March, the two bids said on an unusually high price.
The sources told Reuters news agency that the buyers would have to offer discounts for the official sale price of Basra crude for Asia, for shipments that could go anywhere in the world.
Such shipments, known as free-of-destination, have traditionally been priced in excess of the official sale price of Basra crude in the area of delivery.
The buyers will have to work on converting standard raw materials to those sold in other regions and bear the risk, the sources said.
The bidder will also allow Sumo to develop an assessment of other areas that will be able to pay a price higher than the official selling price for Asia, which is usually the highest, according to one source.
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