The Iraqi State Organization for Marketing of Oil (SOMO) has awarded a contract to supply 750,000 of straight-run fuel oil (SRFO) per month to Chevron Corporation and Reliance Industries , four fuel oil trade sources told Reuters.
The sources added that the validity of the contract will be from April to September with 50% of the monthly volume going to Chevron and 25% of the volume going to Reliance and the oil trader for each.
The company awarded the contract with premium $25 per ton to Middle East quotes for high-sulphur fuel with a viscosity of 180-centistoke, according to two of the sources.