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SOMO Says it is Sole Entity Allowed to Export Iraqi Crude Oil

Photo courtesy of SOMO website
Photo courtesy of SOMO website
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SOMO Says it is Sole Entity Allowed to Export Iraqi Crude Oil

Photo courtesy of SOMO website
Photo courtesy of SOMO website

Oil Marketing Company (SOMO) has announced that it is the sole entity that is legally authorized to export Iraqi crude oil.

“SOMO wishes to clarify to public opinion and those interested in the petroleum matters that SOMO is the sole and exclusive entity that is legally authorized to export Iraqi crude oil and its petroleum products,” it said in a statement on Saturday.

The company affirmed that Iraqi fuel oil product is being exported from the floating tanks exclusively (POLA & EVGENIA I) located at the Iraqi Territorial waters - anchorage area through the southern port.

“However, the announcement of the sale of fuel oil shipments by other parties as Iraqi-origin shipments is illegal, and these parties have to take full legal responsibility to be punished under Iraqi law, as these shipments are smuggled,” said the statement.

SOMO denied announcing the sale of a fuel oil shipment through the northern ports (Turkish territory), pledging to take all legal measures against any party involved in dealing with the shipments.

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Saudi Factories Surpass 2023 Targets, Boosting Product Competitiveness

A Saudi factory located in the industrial city of Asir in the southern region of the Kingdom (Asharq Al-Awsat)
A Saudi factory located in the industrial city of Asir in the southern region of the Kingdom (Asharq Al-Awsat)
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Saudi Factories Surpass 2023 Targets, Boosting Product Competitiveness

A Saudi factory located in the industrial city of Asir in the southern region of the Kingdom (Asharq Al-Awsat)
A Saudi factory located in the industrial city of Asir in the southern region of the Kingdom (Asharq Al-Awsat)

Saudi factories are increasingly adopting automation to improve product quality and competitiveness while cutting costs.
A total of 479 factories have completed the Smart Industry Readiness Index “SIRI” assessment, exceeding the Kingdom’s 2023 targets.
The Ministry of Industry and Mineral Resources started evaluating the second group of factories under the Future Factories Program in July 2023. This phase covers 260 factories, each with licensed capital over SAR 200 million ($53.3 million).
According to a recent report reviewed by Asharq Al-Awsat, the Ministry resolved 97 challenges last year and provided consultancy support to 17 factories to protect national industries from unfair competition.
In the 2023 Digital Transformation Measurement Program, the Ministry achieved 87.08% success and connected with over 67 government entities. It also launched several systems and websites to support its strategic goals.
Saudi Arabia’s mining sector achieved a 98% compliance rate in licensing, with 15 new mining sites designated last year.
The government launched a geological mapping project for the Arabian Shield, producing 271 reports and maps, and introduced a service to match petrochemical raw materials with industrial needs.
The Ministry of Industry and Mineral Resources reported a 10% increase in operational factories in 2023, from 10,518 in 2022 to 11,549. New licenses totaled 1,379, attracting over SAR 81 billion ($21.6 billion) in investments. Production began in 1,058 factories, with investments of SAR 45 billion ($12 billion).
By the end of December 2023, the total number of operational factories in Saudi Arabia reached around 11,549, with investments totaling SAR 1.541 trillion ($410.9 billion).
New licenses covered 25 industries, led by food production (244 licenses), non-metallic minerals (176), fabricated metals (165), and rubber and plastics (123).
National companies received the majority of new licenses (1,043), followed by foreign investments (194) and joint ventures (142).
Small enterprises received the most licenses (1,203), followed by medium-sized enterprises (158), micro-enterprises (15), and large enterprises (3).