SOMO MOC TENDER: Iraq Basrah crude tender on November 20, 2017 through Platts MOC

Iraq's Oil Marketing Company (SOMO) intends to issue on November 20, 2017 an open expression of selling interest for Basrah Light 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 Light, available either as a single stem or as two 1 million-barrel loadings. Loading dates are December 25-27. The buyer must narrow the laycan to a single day within 24 hours of the tender being awarded. 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 SOMO-registered companies by 3.45pm Singapore time (0745 GMT). Bids from non-SOMO registered companies will not be considered for publication. Bids will be published as "Buyer 1", "Buyer 2", and so on. Any final awards will be done transparently, with the name of successful buyers to be confirmed and published.

Bids may be submitted via instant messaging over ICE Chat via address platts_asia_crude or by phone at +65 6530 6450.

Bids will be published in the following format: Platts Crude: BASRAH LIGHT SOMO TENDER: Buyer 1 bids Dec 25-27 loading Basrah Light at OSP plus $x.xx/b for X,000kb FOB BOT, and/or SPMs.

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 offers standing at 4.30pm will have validity until 5.00 pm Singapore time (0900 GMT) on the day of tender.

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