Lukoil trading unit in JV with SOMO

BAGHDAD, April 5, 2017 – The unit responsible for the international marketing and trading of Lukoil crude, Litasco, has entered into a joint venture with the trading arm of Iraq’s Ministry of Oil, the latter announced on Tuesday.

In a statement on its website, the Ministry of Oil said that its Oil Marketing Company, commonly referred to SOMO, would work with Litasco on selling the country’s oil and on education and training of staff.

The deal was signed by Litasco CEO Timothy Bullock and SOMO Director General Falah Alamri. SOMO it the ministry’s entity responsible for the marketing and sale of all Iraqi crude available for export.

Present at the signing ceremony, Minister of Oil Jabar Al Luaibi said the joint venture would result in “financial benefits” for the two parties.

Read our latest insights on: