Iraq has transported oil through the Strait of Hormuz for the first time in decades.
Sea-news.az citing foreign media, that the state-owned Iraqi Oil Tankers Company (IOTC) transported 2 million barrels of Iraqi crude oil through the Strait of Hormuz using a Very Large Crude Carrier (VLCC).
The company’s decision to transport the oil through the Strait of Hormuz rather than delivering it to the southern port of Basra could create broader opportunities for Iraq’s State Organization for Marketing of Oil (SOMO). This may enable SOMO to benefit from more favorable sales and pricing terms.
The Iraqi Oil Tankers Company also plans to acquire specialized crude oil tankers to expand its fleet and enhance its competitiveness against other maritime transport companies in the region.
It should be noted that Iraq had previously obtained permission from Iran for its oil tankers to pass through the Strait of Hormuz.
