By John Lee.
Iraq's Ministry of Oil is planning a strategic overhaul of the Iraqi Oil Tanker Company (IOTC), including partnerships with tanker-owning firms, deferred-payment purchases, and leasing arrangements to expand the fleet. The ministry's aim is to acquire large modern vessels with a capacity of up to two million barrels, better suited to the requirements of oil buyers.
According to the Ministry of Oil, Minister Basim Muhammad Khudhair al-Abadi visited the company in Basra on Friday, accompanied by the Deputy Minister for Extraction Affairs, Nassir Aziz, and the Deputy Minister for Gas Affairs, Dr. Izzat Saber, along with a number of director-generals. The minister stressed the need for a new vision and strategy to be finalised in the coming days, in coordination with State Oil Marketing Organization (SOMO), given the operational links between the two companies.
The minister noted that the company currently owns six tankers of limited capacity and older models, and that the ministry supports its new strategy to secure oil and petroleum product exports beyond the Strait of Hormuz.
(Source: Ministry of Oil)
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