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Iraq signs a joint venture to ship the oil trade agreement

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Iraq signs a joint venture to ship the oil trade agreement

Since 08/16/2017 16:21 am (Baghdad time)

Follow-up to the balance of News

Iraq has signed the OPEC member with a joint venture shipping company owned by Arab states to transport, storage and trading of crude oil and petroleum products, according to official documents and sources in the oil sector agreement.

And it began to oil producers in the Middle East entering the field of buying and selling oil to boost their earnings, as payment of a sharp decline in crude oil prices since mid-2014 because the sector become more efficient and focused on the business side.

The joint venture will, the Iraqi Company for transportation services and oil trade (Esson), a range of activities including petroleum products trading and leasing of ships, and the establishment of oil terminals, and provide a variety of marine services and ship refueling.

And Esson owned by the Iraqi government oil tankers and marine transport company to the Arab oil exporter in which Arab countries such as Saudi Arabia crude United Arab Emirates and Kuwait holds stakes.

It owns Iraqi oil tankers stake of 22.5 percent in Esson, according to a copy of the contract signed, and a 20-year, seen by Reuters.

She Esson in a statement that its founding to the vision of the Iraqi Oil Ministry is based on the promotion of oil companies and Arab tankers marine activities for the transfer of oil in the field of shipping and marine services and oil trade, and is also one of the ministry's initiatives to improve the national oil companies to international levels.

And Esson, which will soon begin operations ship refueling in the southern ports of the country, is the second joint oil project hosted by Iraq recently.

Sources said that the oil sector in the Iraqi Oil Marketing Company (SOMO) and the government Atasko Russian Ossta trading company in Dubai crude to market and it may expand its activities to include petroleum products and petrochemicals.

A source familiar with the operations of the company "will be the new project exclusive rights to transport crude and petroleum products. Will develop other projects including trade, starting with fuel oil and products and may be able to eventually deal with crude oil allocations."

He added that Esson would be taken based in Dubai, with plans to open offices in Singapore and other centers. The company currently has about 25 employees and plans to appoint 50 employees in Dubai by the end of the year.

The source added that the company is in talks to build the storage of crude oil and petroleum products in Iraq facility over the next few years.

Esson says it is in a position to invest and the gradual acquisition of a large fleet to transport most of the Iraqi crude oil to end users at competitive prices.

The company also will establish a naval academy to train Iraqis to form eventually up to 85 percent of the workers Svenha.anthy 29 / m h n

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