SOMO: We have prepared a plan to make Iraq an open market and a pivotal energy hub.
The State Oil Marketing Organization (SOMO) announced a plan to increase Iraq’s production and export share, transform it into a pivotal energy hub, enter into global partnerships, and provide strategic storage sites.
SOMO Director General Ali Nizar said, “Iraq seeks to increase its production and export share in line with global market needs and balance, as the second-largest producer in OPEC.” He noted that “Iraq possesses enormous reserves that qualify it to meet international demand for crude oil and gas.”
He stressed that “Iraq possesses exceptional investment opportunities in the oil and gas sector, making it an open market for reputable international companies,” noting that “the government and the Ministry of Oil are showing great openness to cooperating with investors to increase production and end the phenomenon of gas flaring.”
Nizar explained that “the company’s plans focus on strengthening Iraq’s position as a pivotal energy hub by diversifying export outlets, entering into partnerships with global refineries, providing strategic storage sites, and expanding the pipeline network, thus positioning Iraq in its natural position as a major and stable source of energy in the world.”
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