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The Ministry of Oil confirmed, on Friday, that Iraq aims to increase the financial value of its oil.
The Undersecretary for Extraction Affairs, Karim Hattab, said in a statement to the official agency, which was followed by the Al-Naba Agency, that "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," noting that "the Iraqi Oil Marketing Company (SOMO) depends 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," noting that "the expected quotas for export are allocated to companies annually by a council headed by the Minister of Oil." And it includes the ministry's undersecretaries, the general manager of the oil marketing company, the concerned departments in (SOMO) as well as the directors of the supervision and legal departments in the ministry and others.
And that "the largest importers of Iraqi oil are China and India, then other countries and companies from Asia, Europe and the United States."
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