iraq sets up oil shipping trading joint venture
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

Signing agreement

Iraq sets up oil shipping, trading joint venture

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleIraq sets up oil shipping, trading joint venture

OPEC
Riyadh - Arabs Today

OPEC member Iraq has formed a joint venture with a shipping company owned by Arab states to transfer, store and trade crude and oil products, according to official documents and industry sources. Middle East oil producers are venturing into buying and selling oil to boost their incomes as a sharp drop in crude prices since mid-2014 has forced the industry to become more efficient and commercially focussed.

The venture, Al-Iraqia Shipping Services and Oil Trading (AISSOT), will handle a "plethora of activities ranging from trading of petroleum products, ship chartering, oil terminals, various marine services, and bunkering", according to a company statement sent to Reuters.

AISSOT is owned by state firm Iraqi Oil Tankers Co (IOTC) and Arab Maritime Petroleum Transport Co (AMPTC), a pan-Arab company in which Arab oil producers such as Saudi Arabia, the United Arab Emirates and Kuwait hold a share. IOTC owns a stake of 22.5 percent in AISSOT, according to a copy of the signed 20-year contract seen by Reuters.

"Formation of AISSOT is based on Iraqi Oil Ministry vision to further strengthen activities of two major entities i.e. AMPTC and IOTC in the field of shipping, marine services, and oil trading," the company said in a statement. "It is also one of Iraqi Oil Ministry’s initiatives to develop national oil companies to international levels."

AISSOT, which will soon start bunkering operations at ports in southern Iraq, is the second oil venture set up recently by the country. State oil marketer SOMO and Russia's Litasco formed a joint trading company in Dubai to market crude and may expand into oil products and petrochemicals, industry sources said.

"The new venture will have exclusive rights for transportation of crude and refined products. It will develop other projects include trading starting with fuel oil and products and can eventually get into crude oil allocations," said an industry source familiar with the company's operations. AISSOT will be based in Dubai with plans to open offices in Singapore and other hubs. It has around 25 employees now and intends to go up to 50 in Dubai by the year-end, the source said.

The company is in discussions to build a terminal storage facility in Iraq over the next few years that would handle crude and oil products, the source added. According to AISSOT, the company "is in a position to invest in and gradually acquire a significant fleet to transport the majority of Iraqi crude oil to end users at competitive rates".

The company will also start a marine academy to train Iraqis, with the aim of eventually having up to 85 percent Iraqi nationals working on its ships. AISSOT's co-owner AMPTC was established in 1973 by member countries of the Organization of Arab Petroleum Exporting Countries. Saudi Arabia's government is the biggest shareholder in AMPTC with a 15.595 percent stake, while Iraq has 13.657 percent, according to the company's website.

Kuwait has 15.484 percent, the UAE 14.175 percent and Qatar 14.776 percent, along with other countries such as Libya, Algeria, Bahrain and Egypt.

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iraq sets up oil shipping trading joint venture iraq sets up oil shipping trading joint venture

 



Themuslimchronicle, themuslimchronicle

GMT 06:29 2018 Sunday ,21 January

500 new trainees join US-backed Syria border force

GMT 10:31 2017 Sunday ,20 August

the history of solar eclipses

GMT 16:36 2017 Tuesday ,05 December

Gulf Air launches Bahrain Tourist Visa Service

GMT 03:19 2012 Saturday ,15 September

FREEDOM

GMT 06:56 2014 Friday ,12 September

No winners in Gaza

GMT 22:30 2012 Monday ,16 July

Sudan ruling party says protests \'ridiculous\'

GMT 07:09 2012 Wednesday ,20 June

Sudan and South Sudan border tensions

GMT 12:02 2012 Tuesday ,17 April

What the Living Do

GMT 17:33 2017 Saturday ,25 March

Caceres recalled to Paraguay squad for Brazil clash

GMT 17:18 2017 Tuesday ,19 December

Bahrain weather forecast

GMT 09:35 2017 Sunday ,29 October

Actress Annabella Sciorra accuses Weinstein of rape

GMT 13:43 2017 Thursday ,16 November

People Magazine names Blake Shelton 'sexiest man alive'

GMT 18:10 2017 Monday ,17 April

GCC Secretary-General Condemns Syria Blast

GMT 13:15 2017 Wednesday ,15 February

Inherited the talent to draw on glass

GMT 14:35 2017 Saturday ,25 March

Dar Essalam to Host Two Golf Competitions

GMT 07:22 2016 Saturday ,09 July

Gunfire near presidential palace in South Sudan

GMT 10:42 2017 Wednesday ,16 August

Chinese teen Internet addict dies

GMT 13:51 2017 Thursday ,21 September

King Salman meets with former Turkish president

GMT 09:31 2017 Wednesday ,29 March

NPRA holds training course

GMT 08:18 2017 Thursday ,14 December

Twitter makes 'tweetstorms' easier

GMT 17:19 2012 Thursday ,12 January

New electric-car racing championships
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle