Iraq to invest in large tanker fleet

Iraq to invest in large tanker fleet

Iraq has set sights on creating a large fleet of modern oil tankers to transport the country’s crude, Reuters reports quoting a statement from the country’s Oil Minister.

“The ministry wants to restructure the company’s mission to develop its operations by building and buying a large fleet of tankers to transport and market oil to all parts of the world,” Minister Jabar al-Luaibi’s Friday statement reads.

The fleet of Iraqi Oil Tankers Company (IOTC) had comprised of 24 vessels, however; during the Gulf War much of it was destroyed by the US-led forced in 1991.

In addition, the ministry wants the IOTC to up its game with respect to its transportation standards and staff competence.

Details on the number of tankers and their potential builders and/or owners have not been disclosed.