Transnor Contracts for 25,000 b/d of Basrah Light ex-Yanbu' 

MEES understands that the London-based trading firm Transnor has concluded a term contract with Iraq's State Organization for the Marketing of Oil (SOMO) for the purchase of 25,000 b/d of Basrah Light crude, to be lifted from the Yanbu' terminal on the Red Sea. The contract is for one year, covering 1986, with provision for quarterly price review.

The price formula is based on the arithmetic average of spot...