Iraq’s SOMO to offer Qaiyarah crude oil via tender through Platts MOC on Sept. 19, 2024

Iraq's Oil Marketing Company (SOMO) has announced the availability of Qaiyarah crude oil which it intends to offer via tender facilitated by Platts crude oil Market on Close price assessment process on Sept. 19, 2024.

SOMO is offering 2 million barrels of Qaiyarah crude, available as a single cargo, or as a 1-million-barrel or 500,000-barrel stem, on an FOB basis from the ex-floater tank New Dynasty at the anchorage area near Khor AL-Zubair Terminal by STS.

Bids are to be communicated to Platts, part of S&P Global Commodity Insights, through existing communication channels, and based on the monthly arithmetic average of the means of high and low spot assessments of Oman and Dubai quotations as published in the Platts Crude Oil Marketwire during the scheduled calendar month of loading.

Firm bids for full cargoes will be published as headlines on page 3 of Platts real-time information services, Platts Global Alert and Platts Crude Oil Alert and through its MOC communication tool, eWindow.

Buyers have to specify the volume, and a three-day window during Sept. 25-Oct. 15, 2024 in their bids. The seller shall narrow the scheduled laycan to a one-day laycan. The exact laycan date will be confirmed no later than 5 days before the above-mentioned loading duration

The oil is destination-free, and reselling is allowed.

Bids must be submitted to Platts by 3:45 pm Singapore time latest on September 19, 2024. Platts may not publish bids that are incomplete or unclear. Kindly account for email transmission time or potential delays when submitting bids. Platts will not publish bids that are received later than 3:45 pm Singapore time.

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

Bids will be published anonymously 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 will be published in the following formats: Platts Crude: QAIYARAH SOMO TENDER: Buyer 1 bids MMM DD-MMM DD loading Qaiyarah at Platts Oman/Dubai plus/minus $x.xx/b for X,000kb, FOB New Dynasty.

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

Besides price, no other changes to the published bids will be allowed after 3:45 pm Singapore time but companies may lower their price or withdraw a bid at any time before the end of the MOC at 4:30 pm Singapore time (0830 GMT) by clearly communicating the same to Platts by email or ICE Chat.

All standing bids at 4:30 pm Singapore time shall remain valid until 5 pm Singapore time on the day of the tender.

Any award will be decided and finalized by SOMO. SOMO also has the right not to award the tender.

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

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

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