Iraq strengthens its energy cooperation with Oman through two new oil trade partnership agreements. Iraq’s State Oil Marketing Organization (SOMO) signed the deals with Oman’s OQ and its unit Oman Tank Terminal Company. The signing came during a high-level official visit between both countries.
The first deal focuses on developing an integrated oil storage project in Oman’s Special Economic Zone at Duqm. This area represents the largest economic zone in the Middle East and North Africa. The project will provide storage, loading, and unloading facilities for Iraqi crude oil. The initial storage capacity will reach 10 million barrels, with the possibility of expansion. Investors will decide future growth depending on market conditions and economic benefits.
The second agreement highlights Iraq’s decision to let OQ market Iraqi crude oil internationally. Both sides plan to use their joint experience, skills, and networks to increase Iraq’s oil value in global markets. This step not only strengthens Iraq’s energy trade but also increases its reach across many continents.
Moreover, this Iraq oil trade partnership opens a path for broader business ties. It encourages greater knowledge sharing between the two countries. With these agreements, Iraq and Oman create more chances for joint investment and mutual growth.
Furthermore, the cooperation boosts regional energy security while supporting international oil supply chains. It also prepares the ground for further projects in logistics, transport, and refining. Iraq and Oman now aim to become stronger players in the global energy arena.
The agreements also create new employment opportunities. Both the private and public sectors will benefit from increased investment. This cooperation will support long-term economic stability and development for both nations. By doing so, Iraq and Oman show clear determination to expand their worldwide presence.
In addition, the Iraq oil trade partnership reflects the desire of both governments to build durable trust. The agreements help each country prove itself as a reliable and strategic partner in international markets. These steps highlight how regional cooperation can bring shared progress.
Through these deals, Iraq continues its efforts to diversify partnerships while securing new commercial opportunities. At the same time, Oman strengthens its role as a hub for global energy trade. Both sides expect the agreements to lead to sustainable benefits in the years ahead.