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SOMO Holds a Workshop About the Crude Pricing and The Transparency Initiative Standards.

The Director General of SOMO Confirmed in his Speech During the Workshop on the Commitment of the Iraqi Government to Issue a full Report

The Iraqi oil marketing company (SOMO) organized a workshop in the ministry of oil “by the sponsorship of Mr. Jabbar Ali Al-Luiebi the minster of oil” and by cooperation with the Iraqi extractive industries transparency initiative (IEITI).

   The workshop was about the crude oil marketing mechanisms, the standards of the initiative and its generalization mechanisms.

   Mr. Alaa Al-Yaseri the director general of SOMO confirmed in his speech during the workshop on the commitment of the Iraqi government to issue a full report includes the statistics and the related numbers with the oil activity “especially the extractive industries”. He said also that all the customers & buyers of the Iraqi crude oil were committed with revealing the purchased quantities from Iraq according to the chapters of the transparency initiative.

   Mr. Al-Yaseri said that the most signifficant challenges which faces the work of the company is the variety & development of the Iraqi crude oil selling mechanisms to optimize the future expectations to raise the oil production, while there is an international competition and the availability of non-traditional oils, as well as the fast changing of the oil prices which demands to develop the human resources to make them able to keep up with the work within the international work environment.

   Mr. Al-Yaseri said also that SOMO is in the lead between the countries of the region to depend new instant selling mechanisms to sell bigger quantities of the Iraqi oil via the auction to achieve big outcome, avoiding any possibility to lose. He said also that the company is aiming to establish an advanced infrastructure appropriate for the next (15) years. He said also that the company has formed partnerships with well-known international companies to make use of their expertise in order to raise the production and develop its capabilities in the international free trade sector of crude oil & oil derivatives.

   It is worthy to say that SOMO is the only authorized official company in Iraq according to the law to sign the crude oil exportation contracts and the oil derivatives exportation & importation contracts according to the internationally known methods.

Source: Ministry of Oil


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