Kuwait and Iraq sign oil deal

The Export Oil Sales Agreement was recently signed between a consortium led by Kuwait Energy plc and the State Oil Marketing Company (SOMO), the Iraqi national company. The signing ceremony took place in SOMO’s Baghdad Head Quarters and was attended by Majid Al-Hilfi representing SOMO, Sara Akbar, CEO, Kuwait Energy, Ibrahim Fathy, Assistant Deputy CEO for Development and Reservoir Production Dept., Egyptian General Petroleum Corporation and Asri Mousa, representing Dragon Oil Holdings Ltd from the partners side.

The Agreement with SOMO will enable allocation of crude cargoes to be sold in compensation for the services the consortium is rendering in Block-9. “Today marks an important milestone in Kuwait Energy’s history and its Iraq operations in particular, as this Agreement will facilitate receiving revenue from our Iraq operations after 5 years of Kuwait Energy’s work and investment in Iraq,” said Sara Akbar. “It wouldn’t have been possible if it wasn’t for the excellent relationship and cooperation between the Consortium, Iraq’s Ministry of Oil and the South Oil Company, which maintained focus and discipline allowing production start-up from this important asset in one year from the discovery”.

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