SOMO and LITASCO create joint venture

On 29 of March 2017 in Baghdad in the presence of HE Oil Minister of Iraq Jabar Ali al-Luaibi SOMO (Iraq’s State Oil Marketing Company) and LITASCO (LUKOIL’s international trading company) have signed a Joint Venture Agreement aimed at conducting trading of crude oil and oil products on the international markets.

2017-04-25 views 854

SOMO and LITASCO create joint venture

A company called LIMA, owned equally by SOMO and LUKOIL, will engage in regional and global trading of Iraqi crude with the objective to provide a platform for Iraqi crude to be sold and delivered directly to refiners (end users) and to optimise the value of Iraqi crude revenues for the Iraqi government. LIMA will also grow expertise of Iraqi SOMO staff by employing them in the JV in trading, operations and financial positions to work alongside LUKOIL staff with average experience of more than 10 years in commodities trading.

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