The oil minister expects to add new quantities of "hydrocarbon" wealth to Iraq’s reserves

[Theseus]

On 2/22/2017 at 9:40 AM, boosterbglee said:

There's probably oil in Maliki's armpits if they look hard enough!

Certainly enough in what little hair he has.

[yota691]

of Iraq is seeking to reach the oil reserves to 170 billion barrels

 

     

 

 11 minutes ago

 

 

Twilight News / announced Oil Minister Ali Jabbar Hussein Allaibi, on Thursday, that Iraq was seeking to reach the oil reserves to 170 billion during the next two years.

Allaibi said during a meeting with the Minister of Transport and infrastructure greeted South Korean Huyen Kalou, that "Iraq is seeking to increase the firm's oil reserves to 170 billion barrels during the next two years," adding that "Iraq was able to add the amount of 10 billion barrels of oil reserves, which led to higher reserve for 153 billion barrels after it was 143 billion barrels. "

He Allaibi, according to a ministry statement reported for Twilight News, "The ministry plans to intensify its efforts to increase oil and gas reserves by drilling more wells and geological surveys through seismic difference which proved that there are huge amounts of oil and gas reserves, which would make Iraq summit countries It possesses large reserves, "noting that" Iraq gas reserves estimated at 30 billion standard cubic feet. "

Allaibi called "Korean companies to invest in oil infrastructure projects and create partnerships in the construction of oil ships in the area of drilling and engineering equipment to take advantage of expertise in engineering and in the liquidation sector", stressing that "Iraq sought to build a fleet of oil tankers."

For his part, Minister of Transport and Infrastructure Korean Huyen Kalou ministry that "Korean companies are willing to increase cooperation with Iraq in all fields, including the creation of a fleet of oil tankers," pointing out that "existed in Iraq Korean companies operating in all sectors."

[yota691]

Oil: We seek to reach the oil reserves to 170 billion barrels

 

 

Economy News / Baghdad ...       Oil Minister Ali Jabbar Hussein Allaibi, Thursday, that Iraq was seeking to reach the oil reserves to 170 billion during the next two years, calling for investment of Korean companies in the oil infrastructure projects and construction of oil tankers.   Allaibi said during a meeting with the Minister of Transport and infrastructure salute Korean Huyen Kalou in a statement "the economy News" received a copy of that "Iraq is seeking to increase the firm's oil reserves to 170 billion barrels during the next two years," adding that "Iraq was able to add the amount of 10 billion barrels of oil reserves, which led to higher reserves to 153 billion barrels after it was 143 billion barrels. "     He Allaibi "The ministry plans to intensify its efforts to increase oil and gas reserves by drilling more wells and geological surveys through seismic difference which proved that there are huge amounts of oil and gas reserves, which would make Iraq summit countries with large reserves," noting that " Iraq gas reserves estimated at 30 billion standard cubic feet (Mqmq). "   Allaibi called "Korean companies to invest in oil infrastructure projects and create partnerships in the construction of oil ships in the area of drilling and engineering equipment to take advantage of expertise in engineering and in the liquidation sector", stressing that "Iraq sought to build a fleet of oil tankers."   For his part, Minister of Transport and Infrastructure Korean Huyen Kalou ministry that "Korean companies are willing to increase cooperation with Iraq in all fields, including the creation of a fleet of oil tankers," pointing out that "existed in Iraq Korean companies operating in all sectors."       mm
Views 7   Date Added 02/03/2017 - 12:07   Last updated 03/02/2017 - 12:51   No. Content 6828

[yota691]

Oil Minister announces quest to reach oil reserves to 170 billion barrels within two years

02/03/2017 11:04 | Number of Views: 912

 

Direction Press / Baghdad 

 

Oil Minister Ali Jabbar Hussein Allaibi, Thursday, that Iraq was seeking to reach the oil reserves to 170 billion during the next two years, calling for investment of Korean companies in the oil infrastructure projects and construction of oil tankers.

Allaibi said during a meeting with the Minister of Transport and infrastructure salute Korean Huyen Kalou in a statement received "direction Press", a copy of that "Iraq is seeking to increase the firm's oil reserves to 170 billion barrels during the next two years," adding that "Iraq was able to add the amount of 10 billion barrels of oil reserves, which led to higher reserves to 153 billion barrels after it was 143 billion barrels. "

He Allaibi " The ministry plans to intensify its efforts to increase oil and gas reserves by drilling more wells and geological surveys through seismic difference which proved that there are huge amounts of oil and gas reserves , which would make Iraq summit countries with large reserves , " noting that " Iraq gas reserves estimated at 30 billion standard cubic feet (Mqmq) . "

 

Allaibi called "Korean companies to invest in oil infrastructure projects and create partnerships in the construction of oil ships in the area of drilling and engineering equipment to take advantage of expertise in engineering and in the liquidation sector", stressing that "Iraq sought to build a fleet of oil tankers."

For his part, Minister of Transport and Infrastructure Korean Huyen Kalou ministry that "Korean companies are willing to increase cooperation with Iraq in all fields, including the creation of a fleet of oil tankers," pointing out that "existed in Iraq Korean companies operating in all sectors."

The Oil Ministry announced on 19 February that the exploratory activities and reservoir in seven oil fields in central and southern Iraq have contributed to add the amount of 10 billion barrels of oil reserves, which led to a rise in the reserve to 153 billion barrels after it was 143 billion barrels.

And announced that the Iraqi Oil Ministry, on April 25, 2012, for the start of the fourth licensing round for 12 exploration blocks in different parts of Iraq, stressing that the aim of this round strengthen Iraq's oil reserves.

 

[Officiallytook]

This alone is trillions of dollars...plus gold, plus cash, plus all returned funds, plus loans...

 

They got enough for any number they choose to reveal.

[Officiallytook]

Most importantly, they have more then enough for reconciliation/reconstruction

[yota691]

Arab Maritime Petroleum flying the Iraqi flag

 

 

Economy News _ Baghdad:   Oil Minister Jabbar Ali Allaibi it will not be the ministry losing company after the end of the year 2017 the current through the plans and programs developed by the ministry to develop the work of these companies, including the Iraqi Oil Tanker Company, which signed on Thursday, sharing contract with the Arab Maritime Transport Company Petroleum. The minister Allaibi confirmed, according to a ministry statement, "Economy News" received a copy of it, that "the contract will develop the work of the Iraqi tanker company, and that the contract will return Iraq to the ranks of the leader in the field of maritime transport of oil and gas products and other countries." He added Allaibi that "the contract is part of a series of measures taken by the ministry to promote national companies and developing and upgrading them to the ranks of discreet international companies in order to achieve economic goals." For his part, Commercial Director of the Marine Arab Company said the transfer of oil Yassin fisherman, said that "re-cooperation with the Iraqi Tanker Company through participation contract that was signed today will meet the Iraqi marketing activities, and will develop and rehabilitate Iraqi cadres as well as it will enable the Iraqi tanker company access to the oil market and the sale and transportation of oil and petroleum products and liquid gas and in the future there will be for the transportation of crude oil operations. " For his part, Director General of the Iraqi Oil Tanker Company Hussein Allawi, said that "the contract will provide flexibility for Iraqi exports will strengthen Iraq's international status in the field of oil transportation and we have plans to develop the company's business through the purchase of two tankers another two, noting that Iraq currently has four tankers working to provide the world's oil tankers with fuel. " He added that "according to the contract Arab company will raise the Iraqi flag on tankers restoring Iraq in the field of offshore oil and global transfer market." For his part, said Undersecretary of the Legal Department Director Imad Keywords that "the contract was signed after obtaining the approval of the Council of Ministers it will be Iraq, the proportion of 22.5% of the contract without paying any amounts, and that the contract meets all legal requirements." For his part, the official spokesman of the ministry, Assem Jihad, said "the contract will secure Iraq's entry back into the field of marketing and shipping of oil and will open the way for the rehabilitation of Iraqi cadres where they will develop the performance of 700 Iraqi students on meals at a rate of 100 students in each qualifying session."
Views 258   Date Added 09/06/2017 - 11:40   Last updated 06/09/2017 - 13:03   No. Content 7855

[yota691]

Arab Maritime Petroleum flying the Iraqi flag

History of edits:: 2017/6/9 9:38 • 97 times readable

[Oan- Baghdad] 
Oil Minister Jabbar Ali Allaibi announced that he would not be the ministry losing company after the end of the year 2017 the current through the plans and programs developed by the ministry to develop the work of these companies, including the Iraqi Oil Tanker Company , which signed on Thursday, held a partnership with the Arab Company Maritime Petroleum transport.

The minister Allaibi confirmed , according to a ministry statement said the contract will develop the work of the Iraqi tanker company, and that the contract will return Iraq to the ranks of the leader in the field of maritime transport of oil and gas products and other countries 
and added Allaibi that the contract is part of a series of measures taken by the ministry to promote national companies and developing and upgrading them that to the ranks of discreet international companies in order to achieve economic goals. 
For his part , Commercial Director of the Marine Arab Company said Petroleum Transport Yassin fisherman to restore cooperation with the Iraqi Tanker Company through participation contract that was signed today will meet the Iraqi marketing activities, and will develop and rehabilitate Iraqi cadres as well as it will enable the Iraqi tanker company from entering the oil market and the sale and transportation of oil and petroleum products and liquid gas and in the future there will be for the transportation of crude oil operations. 
For his part, Director General of the Iraqi Oil Tanker Company Hussein Allawi, said the contract will provide flexibility for Iraqi exports will strengthen Iraq 's international status in the field of oil transportation and we have plans to develop the company 's business through the purchase of two tankers another two, noting that Iraq currently has four tankers are working to supply tankers global oil fuel. " 
he added that according to the contract Arab company will raise the Iraqi flag on tankers restoring Iraq in the global marine market oil transportation. 
for his part , said Deputy Director General of the legal department Imad Keywords that the contract was signed after obtaining cabinet approval E will be the proportion of Iraq 's 22.5% of the contract without paying any amounts, and that the contract meets all legal requirements. 
For his part, the official spokesman of the ministry , Assem Jihad , said the contract will provide Iraq 's entry back into the field of marketing and shipping of oil and will open the way for the rehabilitation of Iraqi cadres where they will develop the performance of 700 Iraqi student meals at a rate of 100 students in each qualifying session. 
the founder of Iraq in the Arab Maritime Company member for the transfer of oil and has a part of its capital, the company is one of the formations of the Arab Organization of Arab Petroleum exporting countries [OAPEC. 
It signed the establishment of the Arab Maritime Petroleum Transport Company in May, 1972, and has taken the State of Kuwait - based. 
The company has identified purposes in carrying out all the maritime transport of hydrocarbons operations. 
Contribute to the company and the countries are: the United Arab Emirates, the Kingdom of Bahrain, the Algerian Republic, Saudi Arabia, and the Republic of Iraq, and the State of Qatar, and the State of Kuwait, and the State of Libya, the Arab Republic of Egypt.

[yota691]

Iraq signs a contract with the Arab oil transport company to develop Naqlath

 

 21 hours ago

 

 

Twilight News / Oil Minister Jabbar Ali Allaibi it will not be the ministry losing company after the end of this year through the plans and programs developed by the ministry to develop the work of these companies, including the Iraqi Oil Tanker Company, which signed on Thursday a contract partnership with the Arab Maritime Transport Company Petroleum.

Allaibi said, according to a ministry statement reported to Twilight News, that "the contract will develop the work of the Iraqi tanker company, and that the contract will return Iraq to the ranks of leading in the field of maritime transport of oil and gas products and other countries."

He Allaibi that "the contract is part of a series of measures taken by the ministry to promote national companies and developing and upgrading them to the ranks of discreet international companies in order to achieve economic goals."

For his part, Commercial Director of the Marine Arab Company said Petroleum Transport Yassin fisherman that "re-cooperation with the Iraqi Tanker Company through participation contract that was signed today will meet the Iraqi marketing activities, and will develop and rehabilitate Iraqi cadres as well as it will enable the Iraqi tanker company from entering to the oil market and the sale and transportation of oil and petroleum products and liquid gas and in the future there will be for the transportation of crude oil operations. "

For his part, Director General of the Iraqi Oil Tanker Company Hussein Allawi, said the contract will provide flexibility for Iraqi exports will strengthen Iraq's international status in the field of oil transportation and we have plans to develop the company's business through the purchase of two tankers another two, noting that Iraq currently has four tankers operating on the supply of oil tankers global fuel.

He added that according to the contract Arab company will raise the Iraqi flag on tankers restoring Iraq in the field of offshore oil and global transfer market.

For his part, said Deputy Director General of the Legal Department Imad Keywords that the contract was signed after obtaining the approval of the Council of Ministers it will be Iraq, the proportion of 22.5% of the contract without paying any amounts, and that the contract meets all legal requirements.

For his part, the official spokesman of the ministry, Assem Jihad, said the contract will provide Iraq's entry back into the field of marketing and shipping of oil and will open the way for the rehabilitation of Iraqi cadres where they will develop the performance of 700 Iraqi students on meals at a rate of 100 students in each qualifying session.

The founder of Iraq in the Arab Maritime Company member for the transfer of oil and has a part of its capital, the company is one of the formations of the Arab Organization of Arab Petroleum Exporting Countries (OAPEC).

[skeetdog]

Thanks Yota...

24 minutes ago, yota691 said:

his part, Director General of the Iraqi Oil Tanker Company Hussein Allawi, said the contract will provide flexibility for Iraqi exports will strengthen Iraq's international status in the field of oil transportation and we have plans to develop the company's

 

25 minutes ago, yota691 said:

Allaibi that "the contract is part of a series of measures taken by the ministry to promote national companies and developing and upgrading them to the ranks of discreet international companies in order to achieve economic goals."

 

2 hours ago, yota691 said:

minister Allaibi confirmed, according to a ministry statement, "Economy News" received a copy of it, that "the contract will develop the work of the Iraqi tanker company, and that the contract will return Iraq to the ranks of the leader in the field of maritime transport of oil and gas products and other countries."

....Not only will Iraq have a market as one of the top 5 oil producing countries of the world...Now Iraq has yet another asset in the transportation of their own product...I very much like the increased consistency of the word "international" associated in describing Iraq's intended outlook...

[yota691]

Iraq boosts its role in the field of maritime transport oil

6/10/2017 0:00    After signing sharing contract for the transfer of raw  Baghdad / Sabah  Oil Minister Jabbar Ali Allaibi it will not be the ministry losing company after the end of this year through the plans and programs developed by the ministry to develop the work of these companies, including Iraqi oil tankers signed on Thursday , the company, holding post with the Arab Maritime Petroleum transport Company.  The Allaibi in the ministry statement said the contract will develop the work of the Iraqi tanker company, and that the contract will return Iraq to the ranks of leading in the field of maritime transport of oil and gas products and other countries.  He explained that the contract is part of a series of measures taken by the ministry to promote national companies and developing and upgrading them to the ranks of discreet international companies in order to achieve economic goals.  For his part , Commercial Director of the Marine Arab Company said Petroleum Transport Yassin fisherman: The re - cooperation with the Iraqi tanker company by participating contract , which was signed will meet the Iraqi marketing activities, and will develop and rehabilitate the Iraqi cadres, adding that it will enable the Iraqi tanker company from entering the oil market and the sale and transportation of oil and petroleum products and liquid gas and in the future there will be for the transportation of crude oil operations.  For his part, Director General of the Iraqi Oil Tanker Company Hussein Allawi: The contract will provide flexibility for Iraqi exports will strengthen Iraq 's international standing in the field of oil transportation, confirming our plans to develop the company 's business through the purchase of two tankers another two, noting that Iraq currently has four tankers working on to provide the world 's oil tankers with fuel. "  He added , " according to the contract Arab company will raise the Iraqi flag on the tankers that bring Iraq in the field of offshore oil and global transfer market. "  for his part , said Deputy Director General of the legal department Imad Keywords that the contract was signed after obtaining the approval of the Council of Ministers It will be Iraq , the proportion of 22.5 percent of the contract without any payment, and that the contract meets all legal requirements.  For his part, the official spokesman of the ministry , Assem Jihad , said the contract will provide Iraq 's entry back into the field of marketing and shipping of oil and will open the way for the rehabilitation of Iraqi cadres where they will develop the performance of 700 Iraqi student meals at a rate of 100 students in each qualifying session.  the founder of Iraq in the Arab Maritime Company member for the transfer of oil and has a part of its capital, the company is one of the Arab formations of the Organization of Arab Petroleum exporting countries (OPEC ) [OAPEC.  The establishment of the company signed the Convention on the  Arab Maritime Petroleum Transport in May   1972, the State of Kuwait has taken the seat   it.  The company has identified purposes in carrying out all the maritime transport of hydrocarbons operations.  Contribute to the company and the countries are: the United Arab Emirates, the Kingdom of Bahrain, the Algerian Republic, Saudi Arabia, and the Republic of Iraq, and the State of Qatar, and the State of Kuwait, and the State of Libya, the Arab Republic of Egypt.

[yota691]

10/06/2017 (00:01 pm)   -   Number of readings: 160   -  number (3945)

 

 

Arab oil contracts with companies to develop oil transportation

 Baghdad / term 
 

 Oil Minister Jabbar Allaibi, on Friday, theministry signed a contract with the Arab Tanker Company to develop the Iraqi Tanker Company, saying that in 2017 we will not have any losing company, as described by local Oil experts step by the ministry as the "right direction". Allaibi said in an interview with a number of media and I followed (range), " The ministry has a plan to develop the companies that are performance low by conducting partnerships with reputable companies , " noting that " the Iraqi Tanker Company was one of the giants in the seventies , but the conditions of the country and passed by the wars of this decline in the performance of the company and therefore, the contract will raise the company 's performance and develops and makes it one of the winning companies and returned to the seas, especially in the Iraqi oil marketing operations. " 
He called the oil minister , "five companies losing the ministry to conduct a partnership with international companies to develop them as a perfect solution , " stressing that " the year 2017 will be the ministry 's losing any company." 
According to the Ministry of Oil that the ministry is working to introduce new investment opportunities if available in other refineries, said Assem Jihad , spokesman for the Ministry of Oil (range), " The investment opportunities raised periodically by the ministry, and continue on this approach , but there are sometimes barriers postpones investment operations, particularly the security situation in some areas where there are refineries. " 
For their part , take local oil experts, the feet of the Ministry of Oil in the right direction, demanding that the ministry continued the need to embark on the development of most sectors of the ministry for the proper investment. He says oil expert Hamza jeweler's (term), " The handling of the Iraqi Oil Ministry, with the Arab Tanker Company to develop local our companies, is a good and necessary step in the export of oil , " noting that " the ministry if it wants to develop its work should use economic and expert studies in this regard, in order to reach a satisfactory and positive results for the benefit of the public sector. " 
And on the importance of partnership with the Arab Tanker Company, confirmed oil expert, that " the domestic oil sector companies, will not develop unless there is a real partnership with Arab and international companies interaction," noting that " the partnership factor generates good management, and experience accumulated, and the hands of the worker, The expansion of the work of the ministry and oil sectors. " 
He called the jeweler and the Ministry of Oil , " the development of Iraqi tankers, as I do not mind buying private carriers, make Iraq exporting oil and its derivatives lists , " noting that "the country 's several refineries under development, including the refinery and the refinery Maysan refinery in Karbala, knowing that the refinery in Karbala and Missan they can export 140 thousand barrels of crude oil per day and this is what carriers also needs effective. " And it takes four Korean companies coalition overseeing the establishment of refinery in Karbala oil, after the Iraqi government signed a contract in February 2014, with a total value of more than six billion dollars, with a production capacity of up to more than 140 barrels per day, while the new refinery in Maysan operates 30 thousand barrels per day and done by the cadres of the South refineries company Mahlah.aly, the oil Ministry announced, about the existence of an investment opportunity to create a refinery , an export capacity of 300 thousand barrels per day in the city of Faw in Basra province. According to a ministry statement received (range), a copy of it, that " the ministry announces export refinery investment in Basra / Faw province capacity of 300 thousand barrels per day scalable with the addition of petrochemical complex." 
The statement added that "implementation will be a way BOT and BOO according to the Investment Law No. 64 in the refineries of 2007 and its amendments , " noting that "refined products must be environmentally friendly according to international standards EURO-5". 
The ministry said in a statement that "under the Investment Law No. 13 of 2006, the investor covered by the tax exemptions and that the discount rate on the price of crude oil is on the ship of (8%) that is not less than ($ 5) and not more than (10 dollars) for the world price. " 
The suspended oil expert Iraqi Hamza jeweler, to put such investment opportunities, saying " the ministry contexts , it must go in this direction and work to establish a refinery export, because it is required to process the expansion of refineries and investment," pointing out that "it earns the ministry gross profits by investing on the Iraqi land and also participate in the profits earned by the investor from the refinery. "

[ChuckFinley]

On June 9, 2017 at 8:23 AM, skeetdog said:

Thanks Yota...

 

 

....Not only will Iraq have a market as one of the top 5 oil producing countries of the world...Now Iraq has yet another asset in the transportation of their own product...I very much like the increased consistency of the word "international" associated in describing Iraq's intended outlook...

This is important skeetdog. As China builds out the Silk Road, oil will be one of those commodities that will still need to be shipped in order to meet domand or location such as Japan.  It will, only get bigger.  

[yota691]

Abadi Office: Iraq gets 23% of the Arab Company for the transfer of oil profits

 

 

Economy News Baghdad : Said a spokesman on behalf of the Office of the President of the Council of Ministers, Saad Sabri, on Monday, that Iraq signed a contract with a company to transport oil guarantees for Iraq to about 23% of their profits . A newborn in a statement news received " Economy News , " a copy of it, that " within the efforts and actions of government to develop the sector of oil in Iraq in various fields of industry oil calls for increasing and diversifying the ports of export to meet the need growing to market oil and gas Iraqi in the markets world " , noting that " Iraq has achieved an increase in the production of oil during the two years , the last two reached nearly a million barrels per day, in addition to entering Iraq for the first time among countries exporting gas liquid and condensate gas after success in stopping the waste that was happening in the gas associated with and start wiling and about escalating " He added that " the Council of Ministers to conclude a contract sharing between the company tanker oil Iraqi and Company Arab Marine to transport oil - which involved Iraq part of its capital and has representation in the Board of management and assembly general - and so to make a run jointly to carry out operations of sale and purchase and transfer of oil crude and derivatives of oil, in addition to complete the work of shipping , storage and insurance, as well as for doing rental and rental tankers of oil, as well as the processing of fuel ships inside and outside the waters of regional Iraqi . " He explained that " this contract will not cost Iraq any burden of financial but will ensure that for Iraq to about 23% of the profits realized and still make Iraq from the conclusion of this contract several benefits , including increasing the number of tankers marine buy or lease, and re - qualification company tanker oil Iraq after the interruption lasted twenty years for the exercise of the activities of the transfer of oil and its derivatives . " And between that " the benefits of the contract also develop the potential of cadres Iraqi from the aspects of administrative , technical , legal , commercial and financial than through admitted courses of training and development specialist in the fields of transport and enter the markets world ." He pointed to the " contract includes sending missions of students Iraqis to study in the academies of marine known worldwide for 700 students in the science of navigation , engineering , marine, and bear the company of Arab Marine to transport the oil all costs and expenses necessary for it ."     Views 358   Date Added 06/12/2017 - 18:09   Last updated 12/06/2017 - 22:14   No. Content 7903

[ChuckFinley]

Yet one more of many multi million dollar deal.  

[sandfly]

Thanks 

[yota691]

 

We export more than 3.4 million barrels of oil from the ports of Basra today

one hour ago

Last updated

03:06 PM

 

540

Watch

 

 

Basra / Tomorrow Press: 
said a shipping source said on Sunday that Iraq was released today more than 3.4 million barrels of oil from the ports of Basra. 
The source told "Tomorrow Press" that "Iraq released this Sunday three million four hundred and thirty - two thousand barrels of oil from the southern ports."

The source added that " the daily pumping rate of one hundred and forty - three thousand barrels per hour across the southern fields , " noting that "continuous pumping operations from the southern fields to the Basra oil port and marine buoys." 
The source indicated that "two tankers completed giant holding them while docked seven other ships on the docks of oil in the oil port of Basra and buoys , " explaining that "five other ships are waiting in Iraqi territorial waters."

[yota691]

Iraq contracts with Isot for the transportation, storage and trade of crude oil

The project will carry out activities including the trade of petroleum products and ship leasing, the establishment of oil ports, the provision of various marine services and the supply of ships with fuel.

 

 16 August 2017 07:13 PM

Iraq, an OPEC member, signed a joint venture agreement with a shipping company owned by Arab countries to transport, store and trade crude oil and petroleum products, according to official documents and sources in the oil sector, according to Reuters.

Reuters reported that oil producers in the Middle East are beginning to enter the field of buying and selling 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 commercial side .

The joint venture, the Iraqi Company for Oil Transport and Trade (ISOT), 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 .

According to the 20-year signed contract, Iraqi oil tankers have a 22.5 percent stake in Isot.

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 .

According to Reuters, Isot, which will soon start supplying ships with fuel at the country's southern ports, is the second joint oil project recently established by Iraq .

Sources in the oil sector told the agency that the Iraqi oil marketing company (SOMO) and Russia's Litasco had established a trading company in Dubai to market the crude and that it might expand its activities to include petroleum products and petrochemicals .

"The new project will have exclusive rights to the transportation of crude and petroleum products," he said, adding that he will develop other projects, including trade with fuel oil and products, and may eventually be able to handle crude oil allocations .

He said Esot would be based in Dubai with plans to open offices in Singapore and other centers. The company currently has about 25 employees and plans to hire 50 employees in Dubai by the end of the year .

The company is in talks to build a storage facility for crude oil and oil products in Iraq over the next few years, the source said .

Isot says it is in a position to invest and gradually acquire a large fleet to transport most of Iraq's crude to end-users at competitive prices .

The company will also set up a naval academy to train Iraqis to eventually form up to 85 percent of its crew .

The Arab Petroleum Exporting Organization (OAPEC) established the Arab Maritime Oil Transport Company, which contributes to the ownership of Isot, in 1973. Saudi Arabia is the largest shareholder with a 15.595% stake, while Iraq's share is 13.657% .

The share of Kuwait is 15.484%, UAE 14.175% and Qatar 14.776% along with other countries such as Libya, Algeria, Bahrain and Egypt .

[yota691]

Iraq 's signs joint venture agreement for oil shipment and trade

 

 

Twilight News    

 

 8 hours ago

 

 

OPEC member Iraq signed a joint venture agreement with a shipping company owned by Arab countries to transport, store and trade crude oil and petroleum products, according to official documents and sources in the oil sector.

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 (ESOT), will carry out a range of activities, including the trade of oil products and ship leasing, the establishment of oil terminals, the provision of various marine services and the supply of ships with fuel, the company said.

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 (SOMO) and Russia's Litasco had established a trading company in Dubai to market crude and could expand its operations to include oil and petrochemical products.

"The new project will have exclusive rights to the transportation of crude and petroleum products," he said, adding that he will develop other projects, including trade with fuel oil and products, and may eventually be able to handle crude oil allocations.

He said Esot would be based in Dubai with plans to open offices in Singapore and other centers. The company currently has about 25 employees and plans to hire 50 employees in Dubai by the end of the year.

The company is in talks to build a storage facility for crude oil and oil products in Iraq over the next few years, the source said.

Isot says it is in a position to invest and gradually acquire a large fleet to transport most of Iraq's crude to end-users at competitive prices.

The company will also set up a naval academy to train Iraqis to eventually form up to 85 percent of its crew.

The Organization of Arab Petroleum Exporting Countries (OAPEC) established the Arab Maritime Oil Company, which contributes to the ownership of Isot, in 1973. Saudi Arabia is the largest shareholder with a share of 15.595 percent, while Iraq's share is 13.657 percent, according to the company's website.

Kuwait has 15.484 percent, UAE 14.175 percent, Qatar 14.776 percent, and other countries such as Libya, Algeria, Bahrain and Egypt.

[Wiljor]

Iraq, August 17, 2017 

Opec member Iraq has formed a joint venture with a shipping company owned by Arab states to transfer, store and trade crude and oil products, according to official documents and industry sources.

Middle East oil producers are venturing into buying and selling oil to boost their incomes as a sharp drop in crude prices since mid-2014 has forced the industry to become more efficient and commercially focused.

The venture, Al Iraqia Shipping Services and Oil Trading (AISSOT), will handle a 'plethora of activities ranging from trading of petroleum products, ship chartering, oil terminals, various marine services, and bunkering', according to a company statement sent to Reuters.

AISSOT is owned by state firm Iraqi Oil Tankers Co (IOTC) and Arab Maritime Petroleum Transport Co (AMPTC), a pan-Arab company in which Arab oil producers such as Saudi Arabia, the United Arab Emirates and Kuwait hold a share.

IOTC owns a stake of 22.5 per cent in AISSOT, according to a copy of the signed 20-year contract seen by Reuters.

'Formation of AISSOT is based on Iraqi Oil Ministry vision to further strengthen activities of two major entities i.e. AMPTC and IOTC in the field of shipping, marine services, and oil trading,' the company said in a statement.

'It is also one of Iraqi Oil Ministry’s initiatives to develop national oil companies to international levels.'

AISSOT, which will soon start bunkering operations at ports in southern Iraq, is the second oil venture set up recently by the country.

State oil marketer SOMO and Russia's Litasco formed a joint trading company in Dubai to market crude and may expand into oil products and petrochemicals, industry sources said.

'The new venture will have exclusive rights for transportation of crude and refined products. It will develop other projects include trading starting with fuel oil and products and can eventually get into crude oil allocations,' said an industry source familiar with the company's operations.

AISSOT will be based in Dubai with plans to open offices in Singapore and other hubs. It has around 25 employees now and intends to go up to 50 in Dubai by the year-end, the source said.

The company is in discussions to build a terminal storage facility in Iraq over the next few years that would handle crude and oil products, the source added.

According to AISSOT, the company 'is in a position to invest in and gradually acquire a significant fleet to transport the majority of Iraqi crude oil to end users at competitive rates'.

The company will also start a marine academy to train Iraqis, with the aim of eventually having up to 85 percent Iraqi nationals working on its ships.

AISSOT's co-owner AMPTC was established in 1973 by member countries of the Organisation of Arab Petroleum Exporting Countries. Saudi Arabia's government is the biggest shareholder in AMPTC with a 15.595 per cent stake, while Iraq has 13.657 per cent, according to the company's website.

Kuwait has 15.484 per cent, the UAE 14.175 per cent and Qatar 14.776 per cent, along with other countries such as Libya, Algeria, Bahrain and Egypt.

 

http://iraqdailyjournal.com/story-z15771189

[yota691]

for the first time in 30 years .. Iraq provides oil tankers with fuel

 

 

Twilight News    

 

 37 minutes ago

 

(KUNA) - Oil Minister Jabbar Ali al-Luaibi on Wednesday announced the direct delivery of the first international oil tanker with bunker fuel after setting up a new processing system in the regional waters to equip tankers with fuel, Years.

"The Iraqi company for transport services and oil trade is now the main provider of operational fuel (bunker) for all ships and tankers of oil and gas that feed the Iraqi ports," Al-Allaibi said in a statement to twilight news.

He pointed out that "this achievement came as a result of the plans set by the ministry to develop the performance of our national companies, including the Iraqi oil tankers."

Al-Allaibi said that "it is one of the great achievements achieved by the Ministry for several considerations, including it will be detailed and strong support for Iraqi ports and development, as well as a financial resource supportive of the Iraqi economy for its revenues from foreign currency foreign currency in addition to it contributes to the establishment and development of a global market for The south of the country competes with the market of Fujairah and Singapore, which are one of the most important global markets in this area and thus become the Iraqi company of the strongest companies ready to market in the Middle East.

The Iraqi company for transport services and oil trade, a joint venture of the joint venture project between the Iraqi Oil Tankers Company and the Arab Maritime Transport Company (AMPTC) and the tanker that was processed by the bank was loaded with Iraqi crude oil from Basra oil port to Vadinar port in India . 

It is worth mentioning that the company plans to load Iraqi crude oil on board 10 oil tankers to account for international companies next year. 

[tigergorzow]

After 30 year hiatus, Iraq OTTS back to oil market with big acheivement

September 20 2017 08:01 PM

Jabar al-Luaibi

Iraqi Oil Minister Jabbar al-Luaibi announced Wednesday the Iraqi company for Oil Transport and Trade Services (OTTS) will start processing the first international bunker with operational fuel after a 30-year hiatus, hailing the move as a big acheivement.

In a press statement, al-Luaibi said, "Iraqi Company for Oil Transport and Trade Services has become the main supplier of operational fuel for all vessels and tankers of oil and gas at Iraqi ports".

He added that "this achievement is the result of the plans set by the ministry to improve the performance of our national companies including the Iraqi Oil Tankers Company.

 

He confirmed the move would support and develop Iraqi ports and increase the country's financial resources.

 

Al-Luaibi added the move would contribute to the establishment and development of a global market for bunkers in the south of the country that competes with the markets of Fujairah and Singapore.

 

http://www.thebaghdadpost.com/en/story/17202/After-30-year-hiatus-Iraq-OTTS-back-to-oil-market-with-big-acheivement

[yota691]

Oil: Iraq has become the main provider of operational fuel for international oil tankers

 

Economy News _ Baghdad Oil Minister Jabbar al-Luaibi announced on Wednesday that the Iraqi company for transport and oil trading services will equip the world's first oil tanker with bunker fuel, a major achievement after a 30-year hiatus. The minister said in a statement received by "Economy News" a copy of it, "The Iraqi Company for Transport Services and Trade Oil has become the main supplier of operational fuel (bunker) for all ships and tankers of oil and gas that feed the Iraqi ports."     He added that this achievement was the fruit of the plans set by the ministry to improve the performance of our national companies, including the Iraqi oil tankers company. It is a great achievement achieved by the ministry for several considerations, it will be detailed strong support for Iraqi ports and development, as well as a financial resource supportive of the Iraqi economy As well as contributing to the establishment and development of a global market for the Banker in the south of the country competing with the market of Fujairah and Singapore, which are one of the most important global markets in this area and thus become the Iraqi company of the strongest companies anonymous Of the Pinker in the Middle East. "   Views 26   Date Added 09/20/2017

[yota691]

Fayyad: Iraq's share in the contract signed with the Arab Petroleum Transport Company is few and must be subject to competition

 

Editor Haidar Majid - Thursday, November 16

 

 

 

 

Alsumaria News / Baghdad , said a member of the Committee on Energy parliamentary MP Ali Faisal al - Fayad, on Thursday, that the share of Iraq in the contract signed between the Iraqi Oil Tanker Company Marine and Arab Company for the transfer of oil " are few and must be subject to competition."  Al-Fayadh said in an interview with Alsumaria News that "the oil tanker company is a transport company and not a marketing company," pointing out that "the oil marketing company ( SOMO ) is entitled to sell Iraqi oil."    "It is supposed to present this contract signed between the Iraqi oil tankers company and the Arab Maritime Oil Transport Company to large consultants to scrutinize the details in a large way, because it does not serve the general interest of the country," adding that "the share of Iraq is few."  He continued a member of the Committee on Energy , said : "This contract shall be subject to competition because we have not heard from him only a short period."  A member of the oil and energy parliamentary committee Ali Faisal al-Fayadh said on Saturday (11 November 2017) that there is a defect in the committees of the Ministry of Oil on partnership contracts, warning of the existence of bad intentions of some decision-makers in the ministry to "disrupt" the work, Financial control with "rapid intervention".

[yota691]

Integrity: loading and unloading of oil tankers costs Sumo fines of $ 100 million

 

 Since 2018-06-06 at 11:59 (Baghdad time)

Baghdad Mawazine News

The Commission on Integrity revealed on Wednesday that the delay in the loading and unloading of oil tankers costs SOMO fines of more than $ 100 million.

In a statement received by Mawazine News, the agency said that "an investigation team of the Preventive Service of the Commission has continued to impose fines on the oil marketing company (SOMO) because of the delay in loading and unloading tankers for oil derivatives, During 2017 more than one hundred million US dollars, in addition to (13,620,000) million dollars in financial penalties for the company in terms of service contracts for crude oil during the same period.

The Panel, which conducted a field visit to the Ministry of Oil, has conducted an oil marketing company (SOMO) in order to review the situation. In order to identify the latest actions taken in connection with the observations made in the previous comprehensive report prepared by the Service in April 2017, For the continuation of frequent power outages in the southern ports to the detriment of the schedules for export and load of tankers, and the lack of storage capacity and piping networks and the need to increase capacity, while the addition of pumping equipment and pipes in ports.

"The continued fluctuation in Basra crude oil, and the instability of quality specifications, with a specific density of between (28-32) degrees (low density one degree inflicts Iraq financial loss estimated at (800) thousand US dollars for each Tanker and loading procedures in southern ports, although Basrah crude oil accounts for almost 85% of Iraq's total exports due to frequent shutdowns of turbines as a result of technical problems and maintenance, resulting in customers' reluctance From the download, and reduced export rates. "

The report pointed to "the continued recurrence of the same members of the Board of Directors (as a certain original member), the committees to renew crude oil contracts and the preparation of schedules of the proposed assignments for companies wishing to contract, open offers to the members of the Special Committee to study and analyze the global oil market, and to identify and propose price differences of Iraqi crude oil , As well as the absence of the signature of the representative of the Office of the Inspector General (as an observer) on the minutes of the meeting of the Committee to renew contracts for the export of crude oil.

On the reference to the previous report to the emergence of large quantities of free water in shipments exported, explained the director of control and internal audit of the company, "This is due to extractive companies is outside the scope of our work, and the recurrence of such cases lead to damage the reputation of Iraqi crude oil source, Directly affects its selling price in global markets. "

He pointed out the director of the financial and trade, to "stop dealing with private banks and the adoption of government banks exclusively; to avoid cases of non-implementation of requests for the confiscation of letters of guarantee for contracts not executed."

As for the implementation of the terms of contracts by the companies contracted with, he stressed that "there are no carriers in terms of implementation of the terms of contracts during 2017."

Overall, the report referred to "weak measures taken by the Oil Marketing Company (SOMO) to monitor the implementation of the observations made in the previous report, and that the response rate was below the required level; Ending 29 / a 43