September 8, 2025 | Baghdad, Iraq (The Arabian Wall Street) — Iraq’s State Oil Marketing Organisation (SOMO) is close to reaching a preliminary agreement with ExxonMobil on crude storage, refining, and trading cooperation in Asia, according to a report by the Iraq News Agency (INA).
Alaa Nizar Al-Shatri, SOMO’s Director General, said the talks focus on securing storage capacity in Singapore and other Asian hubs, alongside potential collaboration on refining and profit-sharing in crude and product trading. He emphasized that Asia, as the fastest-growing center of refining and oil demand, represents a strategic priority for Iraq.
Iraq is already one of the top three to four crude suppliers to China, and expanding operations with ExxonMobil in Asia would further solidify its role in regional energy markets.
The development comes as Prime Minister Mohammed Shia Al-Sudani confirmed progress on reactivating the Iraqi-Syrian export line, including the extension of the 685-kilometer Basra-Haditha pipeline.
Expanding regional partnerships
SOMO recently signed a memorandum of understanding with Oman’s OQ to build a 10-million-barrel crude storage project at Ras Markaz near Duqm. At the end of August, Iraq’s Oil Ministry also secured agreements with Schlumberger and Chevron to advance upstream oil and gas projects, while pursuing joint field development with Kuwait.
These moves underscore Iraq’s strategy to boost regional energy integration, diversify export routes, and deepen partnerships with leading international oil companies.
