Iraq Plans To Contract International Companies To Export Crude Oil For Three Months
Iraq aims to boost its oil export capabilities by partnering with international and local specialized companies, with contracts lasting three months, starting September 1, 2026. This initiative is part of the Iraqi government's efforts to increase both export and import capacities.
The Council of Ministers, led by Prime Minister Ali Faleh Al-Zaidi, approved mechanisms for crude oil export, allowing purchases at either the State Organisation for Marketing of Oil (SOMO) price or the federal budget price, with a 30% annual discount, effective the aforementioned date. Payments will be made to the Public Treasury, and financial details will be reviewed thoroughly.
Furthermore, the council approved exceptional measures to expand export and import routes, authorizing the Minister of Oil to establish new transportation routes for existing contracts and renew them as needed. The minister is also empowered to approve the import of petroleum products to ensure consistent supplies and avert crises.
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Related Topics:
- Prime Minister
- Import
- Budget
- Oil
- Price
- September
- Government
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