Baghdad/ Iraq TradeLink: Oil sources reported here that the Iraqi Oil Marketing Company (SOMO)
and the Russian Litasco Company formed a joint company to market crude oil.
The new project is called Lima Energy, which will receive the first Iraqi oil shipment this month.
Last month, the Iraqi Oil Ministry announced an agreement with Litasco Company to market Iraqi oil, but no details were given.
Last week, Iraq sold the first shipment of Basra light oil in Dubai in a move to discover the price of selling through this emirate.
Litasco company is a unit that belongs to Russian Lukoil company that develops Iraq southern oilfields.
SOMO is controlling the marketing of Iraqi oil except for the Kurdish region, with exports that reached to 3.756 million b/d in March, 2017.
Source: Iraq TradedLink