Back to the complete issue
Thursday, 17 August 2017

Iraq forms new joint venture with pan-Arab shipping company

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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.