Iraq launches oil shipping, trading mutual venture

(MENAFN) OPEC member Iraq has made a joint venture with a shipping firm owned by Arab states in order to transfer, store and trade crude and oil products.

In addition, the venture, Al Iraqia Shipping Services and Oil Trading will handle a plethora of activities ranging from trading of petroleum products, ship chartering, oil terminals and others.

Moreover, the venture owned by state firm Iraqi Oil Tankers Co. and Arab Maritime Petroleum Transport Co, which owns a share of 22.5 percent in AISSOT.

Meanwhile, AISSOT will be based in Dubai with plans to open offices in Singapore and other hubs, which has almost 25 workers and plans to increase to 50 in Dubai by the end of the year.



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