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Iraq seeks to sell oil by prepayment of five years

24 Nov 2020

Baghdad-ALsharqiya, November 24: The Ministry of Oil announced that Iraq is seeking to conclude the first-ever deal to prepay crude oil to support its finances in light of its efforts to confront the decline in oil prices and demand due to the Corona virus pandemic. Reuters quoted an official in the Iraqi Oil Marketing Company SOMO as saying that Iraq seeks to prepay for five years, starting from January 2021 until December 2025, to be returned with shipments of Basra crude.

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