Iraq’s State Organization for Marketing of Oil (SOMO) has said it approached France about the possibility of Iraq’s supplying the European market with oil.
The Organization’s General Manager Alaa Al-Yasiri said that French parties concerned with the possibility of being supplied with oil have been addressed but gave no further details.
Al-Yasiri stressed that their company is solely responsible for exporting oil and importing its derivatives, indicating that it represents a middle link between the Iraqi Oil Ministry and oil beneficiaries.
About 60 percent of Russia’s exports of crude oil go to the European continent, but in the shadow of the European Union’s intention to impose a ban on Russian oil and gas due to Moscow’s attack on Kyiv, it is expected that the union will need new suppliers.
Italian Prime Minister Mario Draghi recently visited gas powerhouse Algeria as Rome steps up efforts to reduce its heavy reliance on Russian energy imports.
Italy buys the vast majority of its natural gas from overseas, with over 40 percent of those imports coming from Russia.
But the war in Ukraine has sparked a European push for sanctions against Moscow, including moves to drastically cut such purchases.
Rome is hoping its second-biggest supplier Algeria can boost output via an undersea pipeline in order to provide alternatives.
France’s top diplomat Jean-Yves Le Drian, while calling for cooperation with Algeria recently, had said Russia’s invasion of Ukraine had “major consequences” for energy in Europe and for food security, including in Algeria.
Algeria is a major exporter of natural gas, which covers over 11 percent of Europe’s needs, compared to Russia which makes up about 47 percent.
European countries have been trying to ramp up Algerian exports to reduce their reliance on Russia, but experts say the North African country has limited room for maneuver, partly due to its own soaring domestic needs.
Algeria did however sign a deal on Monday to boost exports to Italy by the Transmid undersea pipeline.