Baghdad – Iraq’s State Oil Marketing Organization (SOMO) confirmed its openness to contracting with refinery owners worldwide, while stressing that all parties are working to extend the historic agreement with the Kurdistan Region in order to ensure its continued success.
SOMO Director General Ali Al-Shatri said in a press statement that the company’s primary role is to maintain flexibility in dealing with reputable and reliable customers, particularly in the field of crude oil marketing.
“SOMO deals directly with refinery owners and is present in all global markets,” Al-Shatri said, adding that the company remains open to contracts with refinery operators regardless of their location.
He explained that SOMO does not prioritize one market at the expense of others, but instead seeks a balanced approach that achieves two key objectives: exporting all available crude oil volumes and securing the highest possible financial returns for Iraq.
Al-Shatri noted that the company naturally focuses more on markets where demand is increasing, but emphasized that this does not mean abandoning other markets.
“Even in markets where growth is declining, there remains an opportunity for consumers to purchase Iraqi crude, refine it, and produce what they need,” he said, describing this approach as the foundation of SOMO’s competitive strategy, even under weak or challenging market conditions.
Regarding the agreement with the Kurdistan Region, Al-Shatri described it as “successful,” pointing to the government’s decision to extend it until the end of March as clear evidence.
He stressed that the agreement remains renewable, as long as all involved parties continue working to make it succeed, noting that it has generated additional revenues for Iraq and helped regulate and organize oil exports under the national marketing framework.
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