Iraq’s state oil marketer SOMO said today that it agreed with a state-operated railway company to transport fuel oil products from refineries to southern ports, Reuters reports.
The agreement came as part of efforts to boost cooperation between local companies on the transportation of petroleum products and reduce overcrowding on land and increase the quantities transported for export purposes through floating storage tanks, SOMO said.
Iraq seeks to support and revive its companies, which were negatively affected by years of wars and conflicts, to give a push to the country’s economy by reducing dependence on the export of crude oil.
The Iraqi economy relies heavily on crude oil exports, which represent more than 90 percent of the country’s revenues.
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