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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 House at Davos: The Kingdom to Set a Global Standard for Defining Industrial Cities

Part of the first session of the Saudi House in Davos 2025 (X platform)
Part of the first session of the Saudi House in Davos 2025 (X platform)
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Saudi House at Davos: The Kingdom to Set a Global Standard for Defining Industrial Cities

Part of the first session of the Saudi House in Davos 2025 (X platform)
Part of the first session of the Saudi House in Davos 2025 (X platform)

Participants in the first session of the Saudi House initiative at the annual World Economic Forum (WEF) in Davos, Switzerland, emphasized the importance of sustainable urban planning in addressing the challenges of global population growth. They highlighted Saudi Arabia’s ambition to set a global benchmark for defining industrial cities.
The Saudi House pavilion, organized by the Ministry of Economy and Planning, is held from January 20-24. Several government entities are participating, including the Ministry of Transport and Logistics Services, the Ministry of Communications and Information Technology, and the Ministry of Investment. The initiative will host a series of dialogue sessions addressing key trends in social and economic transformation both locally and globally.
In the opening session titled, “Transforming Industrial Cities into Smart Hubs,” Dr. Basma Al-Buhairan, Executive Director of the Fourth Industrial Revolution Center in Saudi Arabia, stressed the urgent need for sustainable and resilient urban planning to manage rapid global population growth.
She noted that Saudi Arabia is on the verge of redefining the concept of industrial cities, aiming to establish a new global standard, while also highlighting the Kingdom’s futuristic vision for industrial city development.
Similarly, Dhafer Al Amri, General Manager of Mega Projects and Real Estate at Mobily, underscored the pivotal role of integrating technology into infrastructure to drive industrial development. Venugopal Pai, Vice President of Global Accounts and Global 2000 at Nutanix, lauded Saudi Arabia’s rapid transformation, emphasizing the importance of collaboration between the government, private sector, and organizations in turning the Kingdom’s vision into reality.
On the sidelines of the forum’s first day, Saudi Minister of Economy and Planning, Faisal Al-Ibrahim, met with Kisun Chung, Vice Chairman and CEO of HD Hyundai. The discussion focused on industrial innovation, marine sustainability, and opportunities under Saudi Vision 2030.
Saudi Arabia’s participation at Davos is marked by a high-level delegation led by Prince Faisal bin Farhan Al Saud, Minister of Foreign Affairs, alongside several other ministers and officials. The delegation’s aim is to collaborate with the international community under the theme “Working Toward a Prosperous Future for the World.” Key goals include discussing innovative solutions to global challenges, sharing best practices to stimulate economic growth, and showcasing Saudi Arabia’s success stories across various fields.
Additionally, the delegation plans to emphasize the Kingdom’s role in fostering international dialogue through effective diplomacy aimed at building common ground. The team will also highlight Saudi Arabia’s practical, realistic, and equitable approach to achieving ambitious climate goals, as well as its contributions to advancing clean energy transitions that support sustainable development.
During its participation, Saudi Arabia will focus on promoting international dialogue, accelerating sustainable development transitions, driving transformative innovation, empowering human potential, and showcasing its leadership in achieving global prosperity.