September 09, 2025 [Reuters]- Iraq’s state oil company SOMO is in advanced talks with ExxonMobil over a possible agreement to secure storage capacity in Singapore using tanks owned by the U.S. oil major, the Iraqi state news agency INA said on Saturday.

Negotiations also include possible refining capacity deals and profit-sharing arrangements in Asia, where demand for crude and products continues to grow, INA added citing SOMO’s Director General Ali Nazar as saying.

In the past two years, Iraq has signed agreements with oil majors that had previously retreated from the country, including Chevron, France’s TotalEnergies and UK oil major.