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Iraq mulls building oil storage facilities in Japan, South Korea

Iraq is looking into the possibility of setting up crude oil storage facilities in Japan and South Korea in line with its plans to boost sales in the Asian region.



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Author: PetrolPlaza Correspondent Daniel Infante Tuaño

Baghdad-based State Oil Marketing Organization (SOMO) is also considering establishing partnerships with companies “which are ready to help building the storages”, said Alaa al-Yasiri, head of SOMO, in an interview with Reuters.

SOMO received offers from Exxon Mobil, Total, Japan’s Sumitomo, and China’s Unipec, to take part in marketing Iraqi crude.

Iraq is the second largest oil producer among member nations of the Organization of the Petroleum Exporting Countries (OPEC). Its southern depots, in particular, have 10 million barrels in oil storage capacity.

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