Baghdad (IraqiNews.com) – China-based Anton Oilfield Services Group has sold its first Iraqi crude oil shipment as part of a new supply deal with the State Oil Marketing Organization (SOMO).
According to Reuters, the unique arrangement with one of a few Chinese independent oil corporations expanding their activities in Iraq enables Baghdad to access cash to pay service suppliers.
Iraq is attempting to bolster oil exports impacted by the military conflict in the Middle East. In the past few months, greater discounts have enticed traders and refiners, leading to a resurgence in its oil shipments.
The Chinese firm said in a statement on Saturday that the agreement intends to improve Basra Oil Company’s (BOC) crude oil sales and cash flow, provide channels for engineering and services, and expedite payment collection for Anton and partners.
An official in the oil sector indicated that Anton struck an agreement with SOMO to market undetermined amounts of Iraqi crude oil, mostly from the Majnoon oilfield managed by BOC.
In late September, Anton marketed one million barrels of Basra Heavy crude to a trading company.
Anton mentioned that the agreement with SOMO allows it to sell oil from the Dhufriya oilfield in eastern Iraq, where it received a license in 2024 to develop the field.
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