Iraq's State Oil Marketing Organization, known as SOMO, has announced an offer to sell 3 million barrels of Basra light crude on the spot market for loading in March, the first such move in decades, an Iraqi oil official said Friday.
Iraq
's
State Oil Marketing Organization, known as SOMO, has announced an offer to sell
3 million barrels of
Basra
light
crude on the spot market for loading in March, the first such move in decades,
an Iraqi oil official said Friday.
"Yes SOMO made the offer to sell the amount to
Asia
on
the basis of CIF [cost, insurance, freight]," said a person familiar with
SOMO. He gave no further details.
He said the move is part of a plan by the Iraqi oil marketing body to start
selling Iraqi crude on a CIF basis, while all its exports are now based on FOB.
"SOMO wants to see if this new export method is more profitable or
not," said the person familiar with SOMO. He said the Iraqi Oil Tankers
Co., an affiliate of the Iraqi oil ministry, has recently bought new oil
tankers and in the process of buying more.
Iraq
used
to ship most of its own crude oil to customers through a fleet of oil tankers
but that ceased to operate during the 1980s after all its oil vessels were
destroyed in a war.
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