The State Oil Marketing Organization (SOMO) revealed that it entered into negotiations with ExxonMobil seeking a deal for more storage space in Singapore, according to Iraq News Agency (INA).

It added that the negotiations also include other agreements to strengthen storage and refining activities in Asia, emphasizing Iraq’s ongoing status as a major crude oil supplier to China.

“We are also negotiating refining capacity in the promising and large Asian market in terms of demand, in addition to entering into a profit-sharing agreement with them in the trade of crude oil and petroleum products produced by these refineries,” the Director General of the State Oil Marketing Organization (SOMO), Ali Nizar Al-Shatri said to INA.

During the past few months, Iraq has signed several agreements with American companies to boost its production capacity including bp, Schlumberger, Chevron and Halliburton.