An economist warns of “significant waste” in SOMO contracts and reveals a 47% discount for the UAE’s ADNOC.
An economist warns of “significant waste” in SOMO contracts and reveals a 47% discount for the UAE’s ADNOC.
11-12-2026
Information/Baghdad
Economic expert Abdul Rahman al-Mashhadani warned on Thursday of suspected corruption and collusion by influential parties in crude oil sales contracts. He revealed that the Iraqi State Oil Marketing Company (SOMO) granted substantial discounts of up to 47% to the UAE’s ADNOC, directly harming the country’s resources.
Al-Mashhadani told the Information Agency, “SOMO’s granting of a 47% discount on crude oil prices to ADNOC is highly suspicious and raises doubts about the involvement of high-ranking officials and beneficiaries behind the approval of such contracts.”
He added, “ADNOC owns advanced refineries in the UAE that process and invest in the Iraqi crude oil granted to it at these reduced prices, generating enormous profits that directly come at the expense of the Iraqi people’s wealth and resources.”
Al-Mashhadani called on the relevant government and oversight bodies to “intervene urgently to review these contracts and revise the discount rates granted to foreign companies, reducing them by at least half, to ensure the protection of public funds and prevent the depletion of the country’s oil wealth.”
Abu Mujahid al-Assaf, a security official in Kataib Hezbollah, had called, in a tweet on Wednesday seen by Al-Maalomah News Agency, for an investigation into the partnership agreement between the Emirati company ADNOC, Hassan al-Zaidi (brother of Prime Minister Faleh al-Zaidi), and Tom Barrack.
almaalomah.me
