IRAQ - Pricing & Marketing.Iraq's State Oil Marketing Organisation (SOMO SOMO Special Olympics Missouri SOMO State Oil Marketing Organization SOMO Singly Occupied Molecular Orbital SOMO Space Operations Management Office (NASA) SOMO Suspension of Military Operations SOMO Space Operations Management Organization ), which has put on a remarkable performance in getting sales deals negotiated and signed quickly, is pricing the export crude oils in agreement with Saybolt Nederland, a Dutch oil See Dutch liquid firm contracted by the UN. Official prices are issued on monthly basis. The official price of Kirkuk, a blend of sour crude oils Sour crude oil contains the impurities hydrogen sulfide (H2S) and carbon dioxide, or mercaptans. All crude oil contains some impurities. When the total sulfide level in the oil is > 1 % the oil is called "sour". produced in the north, is set at a discount to Dated Brent Brent, outer borough (1991 pop. 226,100) of Greater London, SE England. The area is a rail and industrial center. Its manufactures include automobile parts, clocks and watches, and electrical equipment. for European destinations and at a discount to spot WTI WTI West Texas Intermediate WTI Western Transportation Institute (Montana State University) WTI World Tribunal on Iraq WTI With The Idea (used in chess to point to the idea behind a specific move) for US destinations. Likewise the official price of Basra Light, another blend of sour crude oils produced in the south, is set at a discount to Dated Brent for European destinations and at a discount to spot WTI for US destinations. Kirkuk liftings are from Turkey's Mediterranean terminal of Ceyhan, with European destinations mainly being in the Mediterranean region and American destinations including the Caribbean. Basra Light liftings are from Iraq's Gulf Terminal of Mina Al Bakr. For the east of Suez British military and political discussions coined the term East of Suez. It referred to imperial interests beyond the European theatre (sometimes including, sometime excluding the Middle East). markets, only Basra Light is sold. The official monthly price of Basra Light for eastern destinations is set at a premium over the average spot prices of Oman and Dubai crude Dubai Crude is a light sour crude oil extracted from Dubai. Dubai Crude is used as a price benchmark or oil marker because it is one of only a few Persian Gulf crudes available immediately. The other two main oil markers are Brent Crude and West Texas Intermediate. oils. In the table below are the main term contracts for the 5th phase approved by the UN until late March 1999. A number of additional contracts were to be approved in April. Because crude oil prices have risen since the March production cut deal by OPEC OPEC: see Organization of Petroleum Exporting Countries. OPEC in full Organization of the Petroleum Exporting Countries Multinational organization established in 1960 to coordinate the petroleum production and export policies of its and four non-OPEC states, the UN was keeping the additional contracts under study to make sure Iraqi sales during the Nov. 26- May 25 period would be within the $5.256 bn revenue ceiling.
SOMO's Main Term Contracts To May 25, 1999
(million barrels)
Ceyhan-Kirkuk Gulf-Basra Light
Russian Firms 26.8 Russian Firms 22.5
Tupras (Turkey) 10.8 Total 8.0
Sonatrach 10.0 Sinochem 8.0
Total 8.0 ChinaOil 5.1
Sinochem 8.0 Trafigura 4.3
Repsol 6.0 IOC (India) 4.0
Swiss Firm 5.8 Elf 4.0
Elf 5.0 Vitol 4.0
Samir (Morocco) 4.0 Swiss Firm 3.5
Agip 3.6 PetroVietnam 3.0
Coastal 3.6 Kenya 2.0
API 3.0 Fortune 1.9
Emin (Turkey) 3.0 UAE Firm 1.8
PetroVietnam 3.0 Petronas (Malaysia) 1.0
Petrofina (Total) 2.8
Canadian Firm 1.8
Erdem (Turkey) 1.8
Rosbulneft (Bulgaria) 1.0
Trafigura 0.5
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