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SOMO: We have informed all international companies not to buy crude oil from Kurdistan
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Economy News / Baghdad
Today, Monday, the Oil Marketing Company "SOMO" announced that it had taken marketing measures and informed all international companies not to purchase crude oil from the Kurdistan region, while stressing that the regional government is obligated to implement the decision of the Federal Court .
The director of the company, Alaa Al-Yasiri, said in a statement to the Iraqi News Agency, "The Federal Court issued a decision stipulating the invalidity of all contracts concluded by the Kurdistan Regional Government regarding the extraction and export of crude oil ."
Al-Yasiri added, "The Ministry of Oil has begun to develop flexible mechanisms for the purpose of transferring the entire file to the federal government, but the matter was not welcomed by the regional government, which called the ministry to take legal measures," noting that "the regional government is obligated to implement the court's decision ."
He pointed out that "the Oil Marketing Company has taken marketing measures and all international companies have been informed not to purchase crude oil from the region," noting that "the quantities exported from the region last year amounted to about 420,000 barrels per day, and this year, the exported quantities have decreased to about 355 thousand barrels per day .
He stressed, "The regional government sells oil at lower prices than the central government, and according to news published by Reuters, the region sells oil at discounts ranging from 16-20 dollars per barrel, despite the fact that the sale takes place in the same region and with the same quality of oil ."
231 views
Added 09/19/2022 - 7:34 PM
Update 09/20/20
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Economy News / Baghdad
Today, Monday, the Oil Marketing Company "SOMO" announced that it had taken marketing measures and informed all international companies not to purchase crude oil from the Kurdistan region, while stressing that the regional government is obligated to implement the decision of the Federal Court .
The director of the company, Alaa Al-Yasiri, said in a statement to the Iraqi News Agency, "The Federal Court issued a decision stipulating the invalidity of all contracts concluded by the Kurdistan Regional Government regarding the extraction and export of crude oil ."
Al-Yasiri added, "The Ministry of Oil has begun to develop flexible mechanisms for the purpose of transferring the entire file to the federal government, but the matter was not welcomed by the regional government, which called the ministry to take legal measures," noting that "the regional government is obligated to implement the court's decision ."
He pointed out that "the Oil Marketing Company has taken marketing measures and all international companies have been informed not to purchase crude oil from the region," noting that "the quantities exported from the region last year amounted to about 420,000 barrels per day, and this year, the exported quantities have decreased to about 355 thousand barrels per day .
He stressed, "The regional government sells oil at lower prices than the central government, and according to news published by Reuters, the region sells oil at discounts ranging from 16-20 dollars per barrel, despite the fact that the sale takes place in the same region and with the same quality of oil ."
231 views
Added 09/19/2022 - 7:34 PM
Update 09/20/20
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