EMEA News
Iraqi oil Firm Issues Fuel oil Export Tender
Iraq's state-owned oil firm Somo is attempting to wrestle back control of its fuel oil export market from third parties.
According to price reporting agency Argus Media, the company has issued a mini-term tender to export straight-run fuel oil on a ship-to-ship basis in the first quarter of next year.
The move follows a company memo seen by Argus reminding its trading partners that "it is the only legal entity authorised to import and export crude and oil products to and from Iraq", the report said.
Iranian fuel oil is the mainstay of the Fujairah bunkeirng hub but re-imposed US sanctions have undermined the trade.
According to Argus, the Somo memo can be seen as a reaction to the backdrop of rumours in the market that fuel oil from Iranian destinations is being rerouted via Iraq by third parties.
