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Iraq’s State Oil Marketing Organisation (SOMO) is close to signing a preliminary agreement with ExxonMobil covering crude storage, refining, and trading in Asia, according to a report by state-owned Iraq News Agency (INA).
SOMO Director General Alaa Nizar Al-Shatri said the discussions focus on securing storage capacity in Singapore and other Asian locations, as well as potential cooperation on refining and profit-sharing in crude and product trading.
He described Asia as the fastest-growing hub for refining and demand, calling it a strategic priority for Iraq, which is already among the top three to four suppliers of crude oil to China.
Iraqi Prime Minister Mohammed Shia Al-Sudani confirmed Saturday that the government held talks to reactivate the Iraqi-Syrian export line and has already started to extend a pipe (Basra-Haditha) with a length of 685 kilometers, which is located in this direction.
Last week, SOMO had signed a memorandum of understanding with Oman’s OQ to develop a 10-million-barrel crude storage project at Ras Markaz near Duqm.
At the end of August, Iraq’s Oil Ministry signed agreements with U.S.-based Schlumberger and Chevron to advance oil and gas projects and said it is also making progress in talks with Kuwait on the joint development of cross-border fields.
In May 2025, a Zawya Projects report said SOMO is pursuing long-term partnerships with major refiners across Asia, Europe, the Americas, and several African markets.
(Writing by Majda Muhsen; Editing by Sona Nambiar and Anoop Menon)
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