Baghdad: The Iraqi Oil Marketing Company (SOMO) announced on Saturday advanced understandings with ExxonMobil to enhance storage and refining in the Asian market, including a pending agreement to secure storage capacities in Singapore. The company also affirmed Iraq’s continued position among the top suppliers of crude oil to China.

According to National Iraqi News Agency, SOMO Director General, Ali Nizar Al-Shatri, stated that the relationship with American companies spans over 50 years, noting that ExxonMobil transports Iraqi oil not only to the U.S. market but also to its refineries in Asia and Europe. He added that advanced understandings are underway regarding a principles agreement to secure refining and storage capacities in the Asian market, with potential profit-sharing in the trade of crude oil and petroleum products.

Al-Shatri emphasized that Iraq seeks to maximize revenues and strengthen its global oil position by expanding into the petrochemical and downstream industries, taking into account international regulations and the global shift away from reliance solely on crude oil, noting that the Asian market continues to witness growing demand and refining capacity.