At Altira Petroleum, we are proud to operate in full compliance with the State Organization for Marketing of Oil (SOMO) — Iraq’s official authority for crude oil exports.
These guidelines outline the approved process for qualified buyers interested in purchasing Light, Medium, or Heavy Iraqi Crude Oil directly through authorized channels.

1. Official ICPO Format

To ensure transparency and legitimacy, SOMO only accepts Irrevocable Corporate Purchase Orders (ICPO) that strictly follow its official format.
Each ICPO must include:

  • Buyer’s complete company information
  • Full banking details
  • Requested crude oil type and monthly volume

The document must be printed on official company letterhead, signed, and stamped.
Only PDF submissions are accepted.

2. Bank Comfort Letter (BCL) Requirements

Every application must include a valid Bank Comfort Letter (BCL) issued by a Top 100 Global Bank.
If the BCL is from another institution, it must be confirmed or advised by a corresponding Top 100 bank to ensure financial authenticity and readiness.

3. Quantity & Allocation

While buyers can indicate their desired purchase quantity in the ICPO, SOMO reserves the right to determine the final allocation and loading volume based on refinery and port capacity.

4. Type of Request

The buyer must specify whether the request is for:

  • A Spot Deal,
  • A Monthly Contract, or
  • A Long-Term Supply Agreement.

This allows SOMO and Altira Petroleum to structure a suitable delivery schedule.

5. Submission & Reference Format

All official requests should follow the reference format below:

Ref. Code: 2025-SOMO-Iraq/Allocation-ALTIRA-BUYERNAME-Date

Requests are reviewed in coordination with SOMO’s compliance department and our authorized partners.

6. Due Diligence and Next Steps

At the preliminary stage, only the ICPO and BCL are required.
Once Due Diligence (D.D.) is completed, SOMO will issue a Draft Contract directly to the buyer for review and negotiation.

From this point, the buyer can confirm the following:

  • Loading terms & schedule
  • Vessel type and capacity
  • Port of loading
  • Inspection bureau (SGS or equivalent)
  • Any additional contractual details

7. Documentation Required Before Contract Signing

Before the final Sales and Purchase Agreement (SPA) is executed, the buyer must provide:

  • Company registration certificate
  • Full CIS / KYC documentation
  • Recent bank statement
  • Tax clearance certificate
  • Board of Directors’ resolution
  • Charter Party Agreement (CPA)
  • IMO details of the loading vessel
  • RWA (Ready, Willing & Able) letter from buyer’s bank

8. Supporting Documents Provided by Altira Petroleum

Upon completion of initial verification, Altira Petroleum will furnish:

  • Updated ICPO Template
  • Proof of Funds (POF) format
  • Company Profile and NCNDA

All documentation is managed under strict confidentiality and international compliance standards.

9. Partnering with Altira Petroleum

As a trusted energy broker and logistics partner, Altira Petroleum works closely with refinery allocation holders, government entities, and storage providers to ensure secure and verifiable transactions.

Our mission is to simplify international oil trading by maintaining transparency, compliance, and integrity at every step of the process.

Contact Us

For inquiries or to initiate your SOMO crude oil purchase request, please contact:

📧 info@altirapetroleum.com
🌐 www.altirapetroleum.com
📞 EUROPE: +33 6 43 88 88 85  USA: +1 (765) 737 2936  UAE: +971 50 690 5470

  • By:abdelhosni@gmail.com
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