Iraq Plans to Renew Oil Tanker Fleet in S.Korea

Tuesday, April 24, 2007
Iraq aims to rebuild its ageing fleet of tankers to carry its crude oil exports and is planning to form a joint venture shipping company with a South Korean firm, the oil ministry's spokesman said on Monday. Jihad said ownership of the fleet would be transferred to Iraq's oil ministry after a period that would be specified in the final agreement.

Other foreign companies had approached the ministry with offers to help rebuild Iraq's tanker fleet, which was crippled by decades of war and sanctions, Jihad said. Iraq's Oil Shipping Company, which used to transport crude oil from the country's oil terminals in the Gulf city of Basra to refining facilities around the globe, has been out of operation since 1980. Tankers now loading at Basra's terminal are foreign-owned.

On his visit to Seoul, Iraqi Oil Minister Hussain al-Shahristani signed a cooperation deal with South Korea's energy minister, Kim Young-joo, on broadening opportunities for South Koreans to secure oilfields in Iraq. Iraq, a member of the Organization of the Petroleum Exporting Countries (OPEC), has the world's third-largest proven oil reserves and needs billions of dollars to revive its oil sector, which is crucial for rebuilding its shattered economy. Shahristani said last week that a long-awaited draft oil law will be submitted to Iraq's parliament this week but Kurdish officials have rejected aspects of the emerging legislation. An oil law is vital for Iraq to attract investment from foreign firms to boost its oil output and rebuild its economy, but disputes that have dogged the process continue to simmer between regional and central governments. Source: Reuters

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Royston Appoints New US Distributor

Diesel power engineering specialist Royston has appoint a new U.S.-based distributor, citing growing interest in its advanced Enginei marine fuel management and monitoring systems.

SSI Hires Holder for US Sales

SSI has hired CAD/CAM specialist Robert Holder as part of its sales force in the U.S. market.    According to SSI, the hiring is intended to meet the expanding

MacGregor Wins Orders for Pusnes Deck Machinery

MacGregor, part of Cargotec, announced it has secured orders for a series of Pusnes deck machinery packages for several shipowners. The Pusnes equipment has been

Tanker Trends

Egypt to Complete East Port Said Side Channel in 2016

Egypt plans to complete a side channel in East Port Said, near the Suez Canal, that would speed up shipping and allow ships direct entry into the port by the end of June 2016,

Concordia Maritime Charters MR Tanker

Concordia Maritime has signed a contract for the charter of an IMO2/3 class MR tanker, the company announced today. The vessel will be chartered jointly with Stena Weco,

Stena Bulk Orders Tankers from China

Stena Bulk has placed an order for three 50,000 dwt IMOIIMAX MR tankers with the Chinese shipyard CSSC Offshore & Marine Engineering (CSSC OME), formerly Guangzhou Shipyard International (GSI),

Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1343 sec (7 req/sec)