Iraq's state-owned Oil Tanker Company has moved 2 million barrels of Iraqi crude oil through the Strait of Hormuz on a very large crude carrier, its first operation of this kind in decades. The shift lets state marketer SOMO sell the country's oil with more flexibility instead of relying solely on deliveries at the port of Basra.
Iraq's state-owned Oil Tanker Company has transported 2 million barrels of Iraqi crude oil through the Strait of Hormuz aboard a very large crude carrier, its first operation of this kind in decades. Director general Ali Qais Abdul Jabbar confirmed the shipment in a statement issued Saturday.
The move marks a shift from the firm's usual practice of delivering crude at the port of Basra. Routing shipments through Hormuz instead gives state oil marketer SOMO more flexibility in selecting where and how to sell Iraqi crude.
Abdul Jabbar said the new arrangement could give SOMO access to better sales and pricing opportunities. The Oil Tanker Company is also working to buy and operate specialized crude oil tankers, aiming to grow its fleet and strengthen its position against regional shipping rivals, he added.
Source: Investing.com
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