Iraq's state oil company SOMO is engaged in advanced talks with ExxonMobil regarding a possible agreement to secure storage capacity in Singapore. The discussions involve utilizing tanks owned by the U.S. oil major.
This potential commercial agreement would leverage ExxonMobil's extensive refining and storage infrastructure in Singapore, generating new revenue streams from its downstream assets. It highlights the strategic value of its global footprint.
The talks indicate a potential new customer relationship for ExxonMobil's storage services, contributing to the optimization of its integrated business model. A successful agreement would enhance the utilization of its facilities in a key Asian trading hub.
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