Mousa Jiyad Questions Norwegian Tanker Deal

By John Lee.

Iraq Business News Expert Blogger, Ahmed Mousa Jiyad, has demanded an investigation into Iraq's reported contract to buy tankers from a Norwegian company.

The Ministry of Oil announced on 18th August that the Iraqi Oil Tankers Company (IOTC) had concluded a contract with Norway's Batservice Mandal [Båtservice Mandal AS] to build two oil tankers.

According to Mr Jiyad, the company has no experience in building ships of this sort, and filed for bankruptcy last year.

The full text of Mr Jiyad's statement (in Arabic) can be read below:

INOC takes over 9 State Oil Companies

By John Lee.

Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has transferred ownership of nine state-owned oil companies from the Ministry of Oil to the newly-created Iraqi National Oil Company (INOC).

The Minister is also the President of INOC.

The companies transferred to INOC ownership are:

  • Iraqi Oil Exploration Company
  • Iraqi Drilling Company (IDC)
  • State Oil Marketing Organization (SOMO)
  • North Oil Company (NOC)
  • Midland (Middle) Oil Company
  • Basra Oil Company (BOC)
  • Dhi Qar Oil Company (DQOC)
  • Missan Oil Company (MCO)
  • Iraqi Oil Tankers Company (IOTC)

IBN Expert Blogger Ahmed Mousa Jiyad has described the new company as “dysfunctional, unconstitutional and disintegrative“.

(Source: Ministry of Oil)

Oil Ministry makes first Direct Shipment of Crude

By John Lee.

Iraq’s Ministry of Oil has made its first direct shipment of crude oil since 1991.

The two-million barrel shipment was made via its subsidiary company, the Iraqi Oil Tankers Company (IOTC).

It will be delivered to a US-based customer of the State Oil Marketing Organization (SOMO).

(Source: Ministry of Oil)

AISSOT first Crude Oil Shipment from Iraq

Following from the recent launch of its new Iraq-based bunkering operation, Al Iraqia Shipping Services and Oil Trading (AISSOT) has announced its first shipment of crude oil from Iraq.

The company said it shipped its first 2 million bbl of crude oil on their very large crude carrier MT Basra (pictured) on November 18, “successfully completing its first loading out of Iraq ever since the end of war in Iraq.

AISSOT, a joint-venture company of Iraqi Oil Tankers Company (IOTC) and Arab Maritime Petroleum Transport Company (AMPTC), says it now plans to become a leading crude oil carrier for OPEC’s second-largest producer by acquiring 80 tankers.

(Source: AISSOT)