Iraq’s State Oil Marketing Organization (SOMO) is in advanced discussions with ExxonMobil over securing strategic refining and storage capacities in Asia, according to the Iraqi News Agency (INA).
The potential deal would give Iraq access to ExxonMobil’s storage tanks in Singapore, one of Asia’s key trading and refining hubs. Talks also cover profit-sharing arrangements and refining partnerships to strengthen Iraq’s position in the Asian energy market, where demand for crude oil and refined products continues to rise.
Ali Nazar, Director General of SOMO, emphasized that the move aligns with Iraq’s broader energy strategy of expanding market access beyond traditional partners.
In recent years, Iraq has renewed ties with major international oil companies, signing agreements with Chevron, France’s TotalEnergies, and the UK’s BP firms that had previously scaled back their presence in the country.
If finalized, the ExxonMobil deal could bolster Iraq’s exports, diversify its market outlets, and deepen its footprint in Asia’s fast-growing energy sector.
