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The state Iraq oil marketing organization (Somo) has announced today (6) that it has reached advanced agreements with Exxonmobil to expand storage and refining in Singapore. According to Iraq’s news agency, the organization reaffirmed the Iraqi position as one of the main oil suppliers for China.
According to Somo Director-General Ali Nizar Al-Shatri, the organization also negotiates profit sharing agreements in oil marketing and derivatives produced by partner refineries. He stressed that the goal is to maximize the country’s revenues and strengthen Iraq’s position in the global oil market, taking advantage of the Asian market growth, currently the only expansion in terms of refining and demand capacity, according to the statement.
