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Kuwait adjusts the pricing standard for its crude oil destined for Asia


yota691
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Economy News Baghdad: 
it announced commercial sources in the global oil market, that Iraq plans to sell two million barrels of Basrah Light crude through a tender Stock Exchange Dubai Energy. 
The sources said, " the Iraqi Oil Marketing Company (SOMO) long - term buyer notified that it plans to sell two million barrels of Basrah Light crude loading in June through a tender Stock Exchange Dubai Energy." 
The sources pointed out that it "would be the first time ever that the Basra crude is sold through the DME." 
She added that "fixed charge point to Asia and that it will not accept any bids do not include the premium over the official selling price of Basra light crude in June."

 
Views 162   Date Added 24/04/2017 - 13:03   Last updated 24/04/2017 - 13:22   No. Content 7253
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  • yota691 changed the title to For the first time ever .. sell Basra crude through Dubai Mercantile Exchange
24-04-2017 12:54 PM
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Notified the Iraqi oil marketing company SOMO] buyer long-term it plans to sell two million barrels of Basra Light crude loading next June through a tender Stock Exchange Dubai Energy.

Trade sources indicated that it would be the first time ever that the Basra crude is sold through the DME.

As it explained that the shipment with fixed point to Asia and that it will not accept any bids do not include the premium over the official selling price of Basrah Light crude in Huzeira

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Good morning Yota- and DV - and thank you or this truly awesome post! "For the first time ever.,," - words like that really make me believe that HCL is done. This thread is just as good as the one from 7 hours ago that refers to the local and federal currency demands by the IMF and WB. It appears that no one is going to have an excuse not to increase the value considering the vastly improved security in Mosul - and the timeliness of the 60 days Abadi referred to a couple weeks ago regarding full release from the UN Chapter VII sanctions within 60 days.

The stock market mentioned here and the ISX are going to be game-changers for millions of people in the next few years, in the same manner that Brazil produced more millionaires  a decade ago than ever before despite the fact that the rest of the world faced economic calamity during the same period. Bring it on - GO RV!!!

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History of edits:: 2017/4/24 12:25 • 86 times readable
Sources: Iraq sells Basra Light crude through DME
[Oan- follow - up] 
on Monday , trade sources said that the Iraqi oil marketing company SOMO] buyer notified the long term it plans to sell two million barrels of Basra Light crude loading next June through a tender Stock Exchange Dubai Energy.
The sources pointed out that it would be the first time ever that the Basra crude is sold through the DME. 
She added that the shipment with fixed point to Asia and that it will not accept any bids do not include the premium over the official selling price of Basra light crude in June.
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Treasures Media :: Baghdad

On Monday, trade sources said that the Iraqi oil marketing company SOMO] buyer notified the long term it plans to sell two million barrels of Basra Light crude loading next June through a tender Stock Exchange Dubai Energy.

The sources pointed out that it would be the first time ever that the Basra crude is sold through the DME.

She added that the shipment with fixed point to Asia and that it will not accept any bids do not include the premium over the official selling price of Basra light crude in June.

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  • yota691 changed the title to of Iraq sells two million barrels of oil through the DME

of Iraq sells two million barrels of oil through the DME

Iraq sells two million barrels of oil through the DME

 

 
 46 minutes ago
 

 

Twilight News, trade sources / said on Friday that the Iraqi Oil Marketing Company (SOMO) has sold two million barrels of Basrah Light crude loading June at a premium over the official selling price at auction Stock Exchange Dubai Energy.

They explained that the shipment was sold at 31 cents above the official price to an unknown buyer.

A source said that the date of loading the cargo on June 26, it was tempting for traders because it gives them enough time to re-sell oil

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  • yota691 changed the title to "SOMO" sells two million barrels of Basra Light crude cross-platform "Auctions DME"

"SOMO" sells two million barrels of Basra Light crude cross-platform "Auctions DME"

Date:April 30, 2017
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The Dubai Mercantile Exchange (DME), the first international exchange in the Middle East region for decades, energy futures and commodities, yesterday that "SOMO" (SOMO), the Iraqi Oil Marketing Company has sold of 2 million barrels of Basra Light crude for delivery in June 2017 via the platform " Auctions DME ".

Auction interest in a wide range of oil traders and refiners, where companies participated in more than 20 circulating and did more than 40 minutes during the bidding has attracted,. The highest price for the shipment of 31 cents added to the official selling prices reached (OSP) of Basrah Light crude for June. And it will announce "SOMO" for official selling prices for the month of June in the second week of May.

Said Dr. Falah al-Amiri, General Manager of "SOMO": "We have included auctions DME as an option for the sale of Basra Light crude, in order to meet demand in Asia, and providing equal opportunities for clients in order to reach the immediate ship, the. Reflects today's auction commitment to enhance transparency in markets located east of Suez, and meet the needs of our customers and traders according to the specific scheduling of time. "

For his part, Ahmad Sharaf, Chairman of Borse Dubai Energy: "This cooperation represents a significant step in the DME, as it highlights the importance of such a unique platform for both producers and consumers to make buying and selling direct transactions in a safe environment transparent . confidence is also established by the Iraqi national oil company 'SOMO' and the various parties involved in the sector to exchange new evidence on our excellence, and motivate us to continue to provide innovative and transparent trading solutions. "

The "Auctions Dubai Energy" platform working to meet one of the essential needs in the commodity markets, where the provision of services to customers who want to buy and sell energy products and other goods in the Middle East and beyond, through conducting auctions with the highest levels of transparency. Auctions operates the DME platform using custom from Aelezian Systems Software Co., Ltd., a leading provider of systems auctions.

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Iraq's SOMO, Russia's Litasco set up oil trade firm in Dubai - sources

 

 

By Florence Tan and Rania El Gamal | DUBAI.
 

May 2 Iraq's state-oil marketer SOMO and Russia's Litasco have set up a joint trading company in Dubai to market crude, trading sources said, joining other Middle East producers that buy and sell oil to boost their incomes.

The new venture, LIMA Energy, is establishing a team to work at the Dubai Multi Commodities Centre (DMCC), the sources said, adding that it would trade in Iraqi, Russian and other crude.

"LIMA will lift the first cargo of Iraqi crude in May," one source said.

LIMA is modelled after Oman Trading International which began as a venture between Oman Oil and Vitol, the sources said. OTI is now fully owned by Oman Oil and trades Omani crude, products and LNG.

Up to 10 SOMO members of staff, including its head of shipping, could be seconded to LIMA, one of the sources said.

 

Litasco, a unit of Russia's Lukoil which develops oil fields in southern Iraq, is one of the world's biggest traders. Iraq is the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia.

The Iraqi oil ministry said last month it has agreed with Litasco to form an oil marketing venture, but did not give details at the time.


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Last week, SOMO sold its first cargo of Basra Light crude via an auction on the Dubai Mercantile Exchange (DME), which could become a platform for price discovery. DME is now the marketplace for most Omani crude sold in Asia.

Other oil producers have set up commodities trading firms. Saudi Aramco, the world's biggest oil producing company, set up Aramco Trading in 2012 to market refined products, base oils and bulk petrochemicals.

SOMO handles exports from areas under control of Iraq's central government, but not exports from the northern region that is under Kurdish control. SOMO's average crude exports were 3.756 million barrels per day in March. (Editing by Edmund Blair)

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Found this tweet a short while ago.

 

Following #Iraqi Somo's success in selling its first cargo via the DME, the #KRG are now in talks with the DME.

So whats good for Iraqi somo, it's good for the KRG,

Very interesting if the KRG pull it off, i await for this news to break in respected articles.

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  • yota691 changed the title to Kuwait adjusts the pricing standard for its crude oil destined for Asia

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