A new shipping and oil trading company has been set up by Iraq and its Arab neighbors, named Al Iraqia Shipping Services & Oil Trading (AISSOT).
AISSOT is a joint-venture company of Iraqi Oil Tankers Company (IOTC) and Arab Maritime Petroleum Transport Company (AMPTC) which aims to operate in a number of segments, ranging from trading of petroleum products, ship chartering, oil terminals, various marine services, and bunkering.
IOTC owns a stake of 22.5 percent in AISSOT, Reuters said citing a copy of the signed 20-year contract.
Furthermore, 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,” according to a statement from the company reported by Reuters.
As explained, with the establishment of the company, Iraqi Oil Ministry wants to bolster presence on an international level in the field of shipping, marine services, and oil trading.
In its latest release, the company announced that it will shortly start providing bunkering operations at Iraqi ports mainly at Basra, Khor Al-Zubair, and Umm Qasr.
“Iraqi ports are growing exponentially as shipping hub over the years and AISSOT is confident to cater to all marine related needs of the shipping lines calling Iraq, anchorage area, and nearby ports by offering them end-to-end bunkering solutions meeting international standards on quality and safety, ” the company commented.
The Dubai-based company claims to be poised to “control key stages of the marine fuel supply chain”, offering a broad range of marine fuels. Among the listed strengths of the company are oil terminals in Iraq and floating storage in Basra anchorage, along with man power stationed in Iraq, UAE & Singapore.
AMPTC is owned by member countries of the Organization of Arab Petroleum Exporting Countries (OAPEC) and IOTC is an Iraq government-owned company, which owns and manages tankers for transportation of refined petroleum products.
World Maritime News Staff