Dubai – Mubasher: Dubai Mercantile Exchange (DME) on Tuesday announced that Iraq’s Oil Marketing Company (SOMO) intends to sell a second shipment of 2 million barrels of Basrah light crude oil on the DME auction platform on 31 May, for July delivery.

“Our aim is to provide all our customers with fair and equal access to our crude oil, and the DME auction platform is the best way to realise it. We started with the first auction in April, and we were happy with the level of participation which endorses the demand for additional Iraqi crude in Asia,” director general of SOMO Falah Alamri said.

“SOMO always looks for new and innovative ways to market and sell crude oil in order to satisfy the needs of refineries in Asia, in a transparent, safe, and regulated manner. This is what DME auction is offering today,” Alamri added.

The price for the second cargo will be specified based on July 2017 official sales prices, which will be published during the first ten days of June, adding at least 1 cent per barrel (pb).

The auction is available for SOMO term lifters who own at least a refinery in Asia.