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Monday, February 24th, 2020

Iraq to offer Jan-loading Basra crude via Platts auction

by December 15, 2017 General

Iraq’s Oil Marketing Company (SOMO) plans to sell up to 4 million barrels of Basra crude for loading in January through an auction on Platts on Friday, a Platts notice reviewed by Reuters showed.

SOMO intends to offer 2 million barrels of Basra Light loading on Jan. 20 and another 2 million barrels of Basra Heavy to load on Jan. 23. Both offers do not have fixed destinations.

The oil can be lifted in a single 2-million-barrel cargo or split into two cargoes of 1 million barrels each.

Platts will publish firm bids received from SOMO customers by 3.45 p.m. Singapore time (0745 GMT) and they will remain valid until 0900 GMT.

This will be SOMO’s second auction on Platts. It did not award the cargo offered in the first auction last month.
Source: Reuters (Reporting by Florence Tan; Editing by Amrutha Gayathri)