Baghdad: The Iraqi Oil Marketing Company (SOMO) revealed that Iraqi negotiations are underway to pursue new international marketing opportunities to maximize revenues. The Director General of the Iraqi Oil Marketing Company (SOMO), Ali Nizar, stated to the National Iraqi News Agency (NINA), “The Turkish side emphasized the importance of Iraq as an effective supplier of energy resources (oil, gas, and their derivatives).”

According to National Iraqi News Agency, Ali Nizar added that the new agreement that the Turkish side seeks to achieve is a diversified energy agreement involving oil, gas, and other energy sources. This indicates Turkey’s interest, as well as Iraq’s interest, in joint cooperation between the two countries in the region.

Regarding the government’s efforts to open new horizons for oil exports through Syria and Lebanon, Nizar explained that SOMO, based on its logistical and economic role and responsibilities, views every outlet that can export Iraqi crude oil to the targeted global market as a source of new opportunities. This is an area they are actively working on.

He further elaborated that discussions are ongoing with the Syrian side at the highest levels, with the return of security stability there, as recently stated by the Minister of Oil and the Prime Minister. SOMO is also seeking to reach Lebanon and Oman, where memoranda of understanding have been signed with the Omani side to build reservoirs. Discussions are still ongoing regarding the extension of a new pipeline with Lebanon and obtaining safe and stable outlets for exporting Iraqi oil, aiming to reach customers in Asia, the Middle East, the Far East, Europe, Africa, and the Americas.