Iraq`s SOMO awards fuel oil supply contracts to Chevron, Reliance
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
SINGAPORE- Iraqi state-owned marketer SOMO has finalised a term contract to supply 750,000 tonnes of straight-run fuel oil (SRFO) per month from April to September, three fuel oil trade sources said.
Chevron Corp, Reliance Industries Ltd and an unidentified Iraqi oil trader were awarded the six-month SRFO supply contract with 50% of the monthly volume going to Chevron and 25% of the volume going to Reliance and the oil trader each, the sources said.
The supply contract was awarded at a premium of about $17 per tonne to Middle East quotes for high-sulphur fuel with a viscosity of 180-centistoke, one of the sources said.
