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[size=30]The Ministry of Oil reveals the mechanism for selling Iraqi oil to countries that own "refineries"
2021-04-09
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Yes Iraq: Baghdad
On Friday, the Ministry of Oil confirmed that Iraq aims to increase the financial value of its oil by increasing exports, while the mechanism for selling Iraqi oil to countries indicated.
The Undersecretary for Extraction Affairs, Karim Hattab, said in a press statement, “This increase aims to achieve the highest financial revenues for the state treasury because it is directly dependent on the revenues obtained from the sale of oil.
And that "the Iraqi Oil Marketing Company (SOMO) adopts a well-known mechanism in the global oil market through contracts with discreet international companies that own refineries and deal with the quality of Iraqi oil.
Hattab added that "the mechanism followed by SOMO in selling oil is through dealing with companies directly through letters and official e-mails, and it does not deal with any intermediary companies."
He pointed out that "the expected quotas for export are allocated to companies annually by a council headed by the Minister of Oil and includes the Ministry's agents, the Director General of the Oil Marketing Company and the concerned departments in (SOMO) as well as the directors of the control and legal departments in the Ministry's center and others."
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