Iraq's SOMO, Russia's Litasco set up oil trade firm in Dubai - sources | Reuters

Iraq's SOMO, Russia's Litasco set up oil trade firm in Dubai - sources | Reuters:

"Iraq's state-oil marketer SOMO and Russia's Litasco have set up a joint trading company in Dubai to market crude, trading sources said, joining other Middle East producers that buy and sell oil to boost their incomes. The new venture, LIMA Energy, is establishing a team to work at the Dubai Multi Commodities Centre (DMCC), the sources said, adding that it would trade in Iraqi, Russian and other crude. "LIMA will lift the first cargo of Iraqi crude in May," one source said."



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