Observatory: Iraq was able to purchase 80 oil tankers with its 2025 investment budget.
The Eco Iraq Observatory confirmed on Monday that the investment expenditures of the Ministry of Oil during one year are sufficient to purchase 80 oil tankers, indicating that Iraqi governments have not invested sufficiently in this sector during the past years.
The observatory stated in a statement received by Shafaq News Agency that “the Ministry of Oil is one of the ministries that has allocated the most investment expenditures over the past years,” indicating that “the investment expenditures of the ministry in 2025 amounted to more than 12 trillion and 873 billion dinars, which is equivalent to about 9.9 billion dollars.”
He explained that “this amount allows Iraq to purchase about 80 giant oil tankers of the (VLCC) type, as the price of each one is about $110 million, which can be used to transport Iraqi oil and the oil of other countries.”
The observatory added that “there are several types of oil tankers, including ULCC (Ultra Large Crude), VLCC (Very Large Crude), Suezmax (Medium-sized), in addition to Aframax, Panamax, MR and Handysize (Small-sized).”
He noted that “this large volume of investment spending raises questions about spending priorities, especially in light of increasing economic crises and the need for greater support in essential sectors such as electricity, water and health.”
The statement continued, “Investing in a giant oil transport fleet would have enhanced Iraq’s ability to secure its exports and increase revenues, without the need to rely on external companies and partners.”
The Iraqi State Oil Marketing Company (SOMO) urged its customers to expedite the submission of crude oil loading schedules within 24 hours, following Iraq’s exemption from any Iranian restrictions on transit through the Strait of Hormuz.
Bloomberg reported earlier on Sunday that an oil tanker carrying Iraqi crude appeared to be crossing the Strait of Hormuz, a day after Iran announced it was granting Iraq a special exemption to use the waterway despite continued restrictions on most countries.
Shafaq.com