Iraqi Crude Oil (32 & 26 API)
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iraqi crude oil
We currently can supply Oil from Iraq. CDS is the direct seller of these products. The types of oil available are 32 API produced in the south (Basra) and 26 API produced in the north of Iraq, Karkuk and is fully exported through Turkey (Jehan) .
Buyers should present the following documents in order to be able to buy oil
1- A certificate showing that the buyer is registered company and has the capacity to store the product ie. refinery or the buyer should have large share in a refinery.
2- A financial certificate showing the buyers capabilities to purchase oil.
3- A certificate from the Tax authorities in the buyers country of origin declaring that the buyer is exempted or has fully paid taxes.
4- Bank quarantines of 10% of the total purchase value must be presented to the Iraqi authorities.
5- The buyers representative must have a certified letter from the buyer and should be attested by the Iraqi embassy in his country to enable him/her to follow up the deal with SOMO in Iraq.
6- The buyer should forward a letter by email to SOMO expressing their interest in buying the crude oil.
The buyer also should mention the quantities, Port of delivery and the approximate date of delivery required.
7- Emailing all documents to SOMO and must forward the originals to the local authorized representative to hand it SOMO and also prequalify the buyer with SOMO too.
Negotiations take place between SOMO and the company's representative in Iraq. This happens after all the documents are presented by the local agent.
SOMO will study the company and its proposal and will advise its representative of its acceptance of the proposal.
SOMO will email the buyer inviting them to attend a meeting of negotiations which will be between SOMO and the Authorized company/refinery manger.
SOMO will stop dealing with the representatives which initially prequalified and made the initial
introductions of the buyer.
The buyer should agree now to pay an agreed percentage to the party who initialized the purchase.
Crude oil prices are subject to change in accordance with the international market price.
Commission payments to all parties must be agreed and paid by the buyer as soon as the contract is signed between SOMO and the buyer
An agreement must be signed at a lawyer's office to protect all parties concerned.