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SOMO Launches Two Million Barrels of Basra Light Crude for Auction

SOMO” Plans to Conduct an Auction to Sell Two Million Barrels of Basrah Light Crude on the Dubai Mercantile Exchange on Monday

A commercial source said on Friday that the Iraqi oil marketing company “SOMO” plans to conduct an auction to sell two million barrels of Basrah Light crude on the Dubai Mercantile Exchange on Monday.

The source added that “the entity that will buy the quantity to be shipped on March 25-30 will announce its destination within 14 days from the date of the bill of lading.”
Applicants will have to bid over 25 cents above the official selling price.

Source: IRAQ'S ECONOMIC CENTER

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