View Full Version : SOMO considers JVs in Oil Shipping, Storage

Investors Iraq News
05-23-2017, 11:35 PM
By John Lee.
Reuters reports that following the setting up a new oil trading firm (http://www.iraq-businessnews.com/2017/04/05/lukoil-in-iraq-oil-trading-deal/) with Lukoil subsidiary Litasco, the State Oil Marketing Organization (SOMO) is considering setting up similar ventures in shipping and oil storage.
The news agency quotes the head of SOMO,*Falah Alamri, as telling the CWC Iraq Petroleum Conference:
“The idea is not only the money, the idea is to transfer SOMO from a marketing company to a trading company.
“At the moment we started with one company and if it succeeds maybe [we will] increase to another company with shipping … storage.”
(Source: Reuters)

Source: Iraq-BusinessNews.com. (http://www.iraq-businessnews.com/2017/05/23/somo-considers-jvs-in-oil-shipping-storage/)

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