• 6 minutes Corporations Are Buying More Renewables Than Ever
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 23 minutes Starvation, horror in Venezuela
  • 9 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 2 days Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 1 day Renewable Energy Could "Effectively Be Free" by 2030
  • 1 day Saudi Fund Wants to Take Tesla Private?
  • 2 hours China goes against US natural gas
  • 2 days Mike Shellman's musings on "Cartoon of the Week"
  • 2 days Venezuela set to raise gasoline prices to international levels.
  • 2 days The Discount Airline Model Is Coming for Europe’s Railways
  • 2 days Pakistan: "Heart" Of Terrorism and Global Threat
  • 2 days Are Trump's steel tariffs working? Seems they are!
  • 9 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 3 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 1 day Why hydrogen economics does not work
Canada’s Pipeline Crisis Is A Boon For Russia

Canada’s Pipeline Crisis Is A Boon For Russia

The Trans Mountain pipeline struggle…

Is Deepwater Drilling More Profitable Than Shale?

Is Deepwater Drilling More Profitable Than Shale?

Conventional wisdom in oil markets…

New Iraq JV With Arab States Eyes Global Oil Trade

Iraq

A new joint venture between Iraq and its Arab partners will allow coordinated transport, storage and trade of crude oil and refined products around the world, according to a new report by Reuters.

The move comes as Iraq becomes increasingly active in developing new channels for the sale of its oil produce since the country regained its position as the second-largest OPEC producer.

"The new venture will have exclusive rights for transportation of crude and refined products. It will develop other projects include trading starting with fuel oil and products and can eventually get into crude oil allocations," an industry source close to the matter told the news agency.

The company, Al-Iraqia Shipping Services and Oil Trading (AISSOT), will engage in a "plethora of activities ranging from trading of petroleum products, ship chartering, oil terminals, various marine services, and bunkering,” the company statement says.

Iraqi Oil Tankers Co. struck a deal to own 22.5 percent stake in the venture, with the Arab Maritime Petroleum Transport Co. holding the remaining shares.

"Formation of AISSOT is based on Iraqi Oil Ministry vision to further strengthen activities of two major entities i.e. AMPTC and IOTC in the field of shipping, marine services, and oil trading," AISSOT said in a statement. "It is also one of Iraqi Oil Ministry’s initiatives to develop national oil companies to international levels."

The Organization of Arab Petroleum Exporting Countries founded AMPTC back in 1973. Saudi Arabia holds the largest stake, 15.595 percent, with the group’s smaller members holding shares commensurate with their national output and initial financial contribution to the company.

Related: Oil Tycoon Pushes For Venezuela Sanctions

Iraq has been active in developing new channels for the sale of their oil goods since the country regained its position as the second-largest producer in OPEC.

Top Iraqi oil marketer Falah Al Amri suggested in May that Iraq is in the beginning stages of creating an oil price hedging program that would lock in prices for future trades well in advance—just like Mexico’s existing strategy, but almost twice as large in size.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News