Iraq signs joint venture agreement for oil shipment and trade
Editorial date: 2017/8/16
17:09
[Where Follow-up]
Iraq signed OPEC member with a joint venture shipping company owned by Arab states to transport, storage and trading of crude oil and petroleum products according to official documents and sources in the oil sector agreement
Oil producers in the Middle East have begun to buy and sell oil to boost their revenues A sharp fall in crude oil prices since mid-2014 has pushed the sector to become more efficient and more focused on the trade side

The joint venture, the Iraqi company for oil transport and trade services, will carry out a range of activities, including the trade in oil products and ship leasing the establishment of oil terminals, the provision of various marine services and the supply of ships with fuel
Isot is owned by the Iraqi state oil tanker company and the Arab Maritime Oil Transport Company, in which Arab oil exporters such as Saudi Arabia, the United Arab Emirates and Kuwait have stakes
Iraqi oil tankers have a 22.5 percent stake in Isot, according to a 20-year contract signed by Reuters.
Isot said in a statement that its establishment was based on the vision of the Iraqi Ministry of Oil to strengthen the activities of the oil tankers and the Arabian Sea for the transfer of oil in the field of shipping, maritime services and oil trading and is also one of the initiatives of the Ministry to upgrade national oil companies to international levels
Weisut, which will soon begin supplying ships with fuel at the country's southern ports, is the second joint oil project recently established by Iraq

Oil sources in the oil sector said Iraq's state oil marketing company Sumo and Russia's Litasco had set up a trading company in Dubai to market crude and could expand its operations to include oil and petrochemical products Weisut, which will soon begin supplying ships with fuel at the country's southern ports, is the second joint oil project recently established by Iraq Oil sources in the oil sector said Iraq's state oil marketing company Sumo and Russia's Litasco had set up a trading company in Dubai to market crude and could expand its operations to include oil and petrochemical products Weisut, which will soon begin supplying ships with fuel at the country's southern ports, is the second joint oil project recently established by Iraq Oil sources in the oil sector said Iraq's state oil marketing company Sumo and Russia's Litasco had set up a trading company in Dubai to market crude and could expand its operations to include oil and petrochemical products https://www.alliraqnews.com/modules/news/article.php?storyid=64948