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Iraqi Oil Ministry concludes a contract with revenues of more than $ 700 million annually

Category: Economy

Date: 2019-11-13T13:23:59+0000
Iraqi Oil Ministry concludes a contract with revenues of more than $ 700 million annually

Shafaq News/ The Iraqi Ministry of Oil sponsored on Wednesday the signing of a contract for the transfer of black oil between the companies (SOMO) and Iraqi oil tankers and expectations of achieving additional revenues of more than (700) million dollars annually.

Deputy Prime Minister for Energy Affairs and Minister of Oil ,Thamer al-Ghadhban said during his patronage of the signing ceremony that it is a new beginning and an important step to support and develop the national carrier represented by the Iraqi National Tankers Company in accordance with the law and instructions in force, as well as maximizing financial revenues supporting the federal treasury.

He added that the contract provides for the Iraqi Oil Marketing Company (SOMO) to conclude contracts for marketing black oil from southern refineries (surplus), the operations of the Iraqi oil tankers to transport, storage, loading and provision of tankers, the implementation of obligations towards contracts concluded by (SOMO) with International companies in accordance with government instructions, and to achieve the highest financial revenues, stressing that the expected additional revenues would be more than (700) million dollars annually.

The Deputy Prime Minister for Energy and Oil Minister predicted that the quantities of black oil produced from southern refineries will rise next year to more than 20,000 tons per day.

For his part, Director General of the Iraqi Oil Marketing Company (SOMO) Alaa Al-Yasiri said that this contract represents an important step to achieve additional revenues to the federal treasury, according to contracts and mechanisms established with international companies, while the Iraqi Oil Tankers Company to transport operations from al-Shuaiba refinery to the port and then unloading in a large tanker which is considered as a large reservoir in the territorial waters, then carry it to international companies contracted with (SOMO).

For his part, Director General of the Iraqi Oil Tankers Agency ,Ali Qais said that this contract represents an important start to re-activate the Iraqi national carrier represented by the company, work to upgrade its work , develop and expand its activity according to plans prepared for it.

Ministry spokesman, Asim Jihad revealed that the Iraqi Oil Marketing Company (SOMO) will conclude new contracts soon for the transportation of petroleum products with both the shipping and land Transport Company, a form of the Ministry of Transport.

He added that this comes in an effort by the ministry to support and develop national companies and enhance financial revenues.

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