Iraqi lawmaker highlights severe shortage of oil tankers at state-owned company

Shafaq News/ On Tuesday, Ali Al-Lami, a member of the Iraqi Parliamentary Oil and Gas Committee, confirmed an important shortage of oil tankers at the state-owned Iraqi Oil Tankers Company.

Al-Lami told Shafaq News that "the Parliamentary Oil and Gas Committee hosted the General Director of the Iraqi Oil Tankers Company in Basra to address the key obstacles and issues affecting the company's operations."

He explained that "the company's director reported a shortage of tankers and requested support from the Ministry of Oil and the parliamentary committee to secure necessary approvals and financial allocations for purchasing new tankers."

Al-Lami noted that "the company's director confirmed during the committee session that the company needs 60 tankers to meet its requirements and achieve self-sufficiency," adding that "the cost of each tanker is approximately $150 million, while Iraq currently owns only six tankers."

It is worth noting that the Iraqi Oil Tankers Company is a state-owned entity under the Ministry of Oil, established in 1972, specializing primarily in the maritime transport of crude oil and refined products.

The company's fleet comprises a limited number of relatively small vessels, constraining its capacity to transport large volumes of oil. Most of the fleet is outdated, requiring significant investment in maintenance and renewal. The company also faces stiff competition from major global shipping firms.