For the first time ever, Iraqi state crude marketer Somo this week offered customers the opportunity to buy crude on a prepayment basis. The one-year prepayment tender forms part of a broader offering of 240mn barrels over a five-year period on a prepayment basis starting 1 January 2021.
“Somo, on behalf of the Ministry of Oil, has the interest to propose a long-term crude supply deal in exchange for prepayment for a fraction of the total allocated quantity,” Somo said in a circular seen by MEES. (CONTINUED - 1518 WORDS)
