Falih Alamri, Director General of Iraq’s state oil marketing firm Somo says that the company’s management plan to “transform Somo from a marketing company to a trading company.”

Somo recently established the ‘Lima’ joint venture with Litasco, the Geneva-based trading arm of Russian upstream giant firm Lukoil, to trade 2mn barrels per month of Iraq’s key Basra Light export grade with a view to increase volumes further. Profits are divided 50:50.

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