Iraqi tanker joint venture launched

Iraq has formed a tanker joint venture with Arab Maritime Petroleum Transport Co (AMPTC).

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.

State-run Iraqi Oil Tankers Co (IOTC) holds a 22.5% stake in the new venture. AMPTC holds the remainder. AMPTC is a pan-Arab company in which Arab oil producers such as Saudi Arabia, the United Arab Emirates, Iraq and Kuwait hold a share.

AISSOT will be based in Dubai with plans to open offices in Singapore and other hubs, Reuters reported.