In a strategic move aimed at strengthening Iraq's position in global energy markets, the Iraqi Oil Tankers Company (IOTC) announced the successful execution of a massive operation to transport two million barrels of Iraqi crude oil outside the Strait of Hormuz, using a Very Large Crude Carrier (VLCC).
This operation, carried out under government directives and the direct supervision of the Ministry of Oil, marks the first move of its kind in decades. The economic significance of this achievement lies in shifting the point of sale and delivery for Iraqi oil from the ports of Basra to beyond the Strait of Hormuz. This grants the State Organization for Marketing of Oil (SOMO) greater flexibility and broader opportunities to secure better pricing and higher returns.
The Director General of the Iraqi Oil Tankers Company, Mr. Ali Qais, explained that this milestone was realized following a series of successful discussions with specialized international companies to secure the giant carrier. He confirmed that the company is currently working, in accordance with ongoing directives, to explore suitable opportunities to purchase and own a fleet of specialized tankers as soon as possible.
This future vision aims to develop the logistical and operational capabilities of the Iraqi Oil Tankers Company, ensuring its competitiveness with regional counterparts and securing the supply chains for national oil exports.
