Iraq Basrah Medium crude tender on July 27, 2021 through Platts MOC

Iraq's Oil Marketing Company (SOMO) intends to issue on July 27, 2021 an open expression of selling interest for Basrah Medium crude oil.

The tender will be facilitated by S&P Global Platts 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 dates are Aug. 26-28 and Aug. 28-31. 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 on a SOMO OSP related basis. SOMO's General Terms and Conditions will be applied to any final awards.

Platts will publish firm bids received from SOMOs 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. Platts editorial team would be reachable at +65 9189 8062. Bids will be published in the following format: Platts Crude: BASRAH MEDIUM SOMO TENDER: Buyer 1 bids Aug xx-xx loading Basrah Medium at OSP plus $x.xx/b for 1,000kb, 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 USD0.10/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.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available to the public upon request.

Tender details:

Seller: Iraq's Oil Marketing Company (SOMO)

Buyer: Best bidder, subject to SOMOs final approval

Quality: Basrah Medium

Quantity: First Cargo: 1 Million Barrels +/-5% (at seller's option)

Second Cargo: 1 Million Barrels +/-5% (at seller's option)

Laycan: First Cargo Aug. 26-28, 2021, FOB Basrah (To be narrowed to one day laycan at Seller's option)

Second Cargo Aug. 28-31, 2021, FOB Basrah (To be narrowed to one day laycan at Seller's option)

Destination: Free Destination (resell is allowed) (Buyer must declare destination 3 working days before laycan)

Pricing: Bids must be basis Basrah Medium Crude oil August 2021 SOMOs OSP according to the declared destination plus a differential (based on bid). However, the rest of Article Four price of section one of SOMOs standard contracts related to the API Escalation/De-escalation shall remain valid.

L/C: Will be opened in favor of BOC as beneficiary and their account at Trade Bank of Iraq (TBI). A bid reflects buyers readiness to comply with this condition. All charges and commissions including confirmation bank charges for applicant's account.

Vessels NOR: The accepted vessel for loading shall submit its NOR to SOMOs authorities at its Southern terminals strictly at or before 00:01 hour of the scheduled date of loading (Laycan). Buyer undertakes to lift the exact quantity as stated above.

Closing: BIDS MUST BE RECEIVED BY PLATTS LATEST BEFORE 3:45 PM SINGAPORE TIME. CHANGES TO BIDS CAN BE MADE UNTIL 4:30 PM SINGAPORE TIME WITH AWARDS TO BE MADE BY 5 PM SINGAPORE TIME.

SUBMISSION: ALL BIDS MUST BE SUBMITTED TO PLATTS for publication via instant messaging over ICE Chat via address platts_asia_crude or by EMAIL AT asia_crude@spglobal.com. ALL BIDS WILL BE PUBLISHED IN AN ANONYMOUS FORMAT. Platts editorial team would be reachable at +65 9189 8062. Confirmation of award will be made by SOMO and reported by Platts transparently with company name and price.

Conditions: All bids will be made in accordance to SOMOs General Terms and Conditions.

Award: Award will be decided and finalized by SOMO. For queries on the tender, please contact SOMO at info@somooil.gov.iq in suitable time prior to the closing.