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Iraq is stepping up efforts to expand its oil export infrastructure and diversify export routes as it seeks to strengthen its position in global energy markets, a senior official of State Organisation for Marketing of Oil (SOMO) said.
Director General Ali Nizar told the official Iraqi News Agency (INA) that the state oil marketer is targeting an increase in crude exports from northern Iraq as a key element of the strategy. Shipments of Kirkuk crude have risen from around 4 million barrels per month to nearly 7 million barrels per month through pipelines and tanker trucks, with plans to further increase export volumes.
Nizar said the OPEC member is also pursuing new export routes through neighbouring countries to reduce dependence on the southern export corridor. An agreement with Syria, approved by the Iraqi Council of Ministers, could lead to the construction of a crude oil export pipeline through Syrian territory following positive discussions with the Syrian side.
SOMO is also evaluating longer-term initiatives including acquiring Iraqi-owned oil tankers and establishing overseas crude storage facilities in major international markets to improve logistics and commercial flexibility.
The strategy also seeks to expand Iraq's presence in key Asian markets, including China, South Korea and Singapore, while strengthening exports to Europe and North America. The initiative is expected to support a broader range of activities, including spot sales, long-term supply contracts and direct shipping operations.
(Writing by Majda Muhsen; Editing by Anoop Menon)
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