June 6, 2018 / 6:46 PM / 10 months ago

Iraq starts exporting first crude oil cargo through IOTC

BAGHDAD/RIYADH (Reuters) - Iraq has started shipping crude oil through its Iraqi Oil Tankers Company (IOTC) for the first time since 1991, the oil ministry said on Wednesday.

The two million barrel cargo is destined for the United States, the ministry said in a statement.

A trading source familiar with the matter said Valero chartered the vessel from IOTC.

Iraq has formed a joint venture with a shipping company owned by Arab states to transfer, store and trade crude and oil products.

The venture, Al-Iraqia Shipping Services and Oil Trading (AISSOT), is owned by state firm IOTC and Arab Maritime Petroleum Transport Co (AMPTC), a pan-Arab company in which Arab oil producers such as Saudi Arabia, the United Arab Emirates and Kuwait hold a share.

Reporting by Ahmed Aboulenein in Baghdad and Rania El Gamal in Riyadh; Editing by Mark Potter

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