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Iraqi tanker joint venture launched

Iraqi tanker joint venture launched

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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.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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