Iraq Basrah Medium crude tender on April 18, 2022 through Platts MOC

Iraq's Oil Marketing Company (SOMO) intends to issue on April 18, 2022 an open expression of selling interest for Basrah Medium crude oil.

The tender will be facilitated by S&P Global Commodity Insights crude oil Market on Close price assessment process, with firm bids for full cargoes to be published as headlines on page 3 of Platts real-time information service, Platts Global Alert, and through its MOC communication tool, eWindow.

SOMO intends to offer 2 million barrels of Basrah Medium crude, available as a single stem or as one million-barrel loading each. Loading date is May 25-27, 2022. The seller shall narrow the scheduled laycan to a single day.

The oil is destination-free, but the buyer must declare the destination of the cargo at least three working days before the first day of the laycan.

Bids are to be communicated to Platts through existing communication channels, and based on either: 1) SOMO OSP related basis. Or 2) monthly arithmetic average of the mean high and low spot assessments of Dubai quotations as published in the Platts Crude Oil Marketwire during the scheduled calendar month of loading.

SOMO's General Terms and Conditions will be applied to any final awards.

Platts will publish firm bids received from SOMO's customers latest by 3:45pm Singapore time (0745 GMT). Bids will be published as "Buyer 1", "Buyer 2", and so on. Any final awards will be made transparently, with the name of successful buyer(s) to be confirmed and published.

Bids may be submitted via instant messaging over ICE Chat via address platts_asia_crude or by email asia_crude@spglobal.com.

Bids will be published in the following formats: Platts Crude: BASRAH MEDIUM SOMO TENDER: Buyer 1 bids May 25-27 loading Basrah Medium at OSP plus $x.xx/b for X,000kb, FOB BOT, and/or SPMs (SOMOs option). OR Platts Crude: BASRAH MEDIUM SOMO TENDER: Buyer 1 bids May 25-27 loading Basrah Medium at Platts Dubai plus/minus $x.xx/b for X,000kb, FOB BOT, and/or SPMs (SOMOs option).

Published bids may be updated in accordance with Platts incrementability standards for Middle East sour crude cargoes at US$0.10/b per 30 seconds until 4:30 pm Singapore time (0830 GMT), after which no further changes will be published.

Final bids standing at 4:30 pm will have validity until 5 pm Singapore time (0900 GMT) on the day of tender.

For further details, contact asia_crude@spglobal.com and pricegroup@spglobal.com.

For any enquiries related to SOMOs GT&C, contact SOMO on info@somooil.gov.iq.

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