Iraq has formed a new joint venture “with a shipping company owned by Arab states to transfer, store and trade crude and oil products,” Reuters reports. The new company is called Al-Iraqia Shipping Services and Oil Trading (AISSOT), and it will handle a “plethora of activities ranging from trading of petroleum products, ship chartering, oil terminals, various marine services, and bunkering.” AISSOT is owned by state firm Iraqi Oil Tankers Co. (IOTC), which owns 22.5% of its shares, and Arab Maritime Petroleum Transport Co (AMPTC). AMPTC was established in 1973 with Saudi Arabia owning 15.595% of its shares and with stakes owned by Kuwait, UAE, Qatar, Iraq, and Egypt among other Arab countries. “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,” an industry source told Reuters. AISSOT will be based in Dubai with plans to open offices in Singapore and other hubs, the report adds.