Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil has announced plans to secure funding for the purchase of new tankers—a move intended to bolster export operations and maximize revenues.

This initiative comes amid the crisis in the Strait of Hormuz and shipping disruptions in the Arabian Gulf. However, experts have raised questions regarding the project’s economic viability, cost, and timing, as well as its actual capacity to safeguard Iraqi exports during times of crisis.

Iraqi Oil Minister Basim Khudair confirmed on Saturday that the ministry is coordinating with the government to secure the necessary funds to purchase oil tankers for the Iraqi Oil Tankers Company (IOTC), enabling the firm to carry out crude oil transport operations.

Khudair noted that the ownership of such oil tankers would bolster exports, ensure economic viability, and maximize financial returns.

The IOTC once owned 23 tankers before its fleet dwindled over the past few decades due to wars, sanctions, and the suspension of modernization efforts.

Iraq’s current fleet is limited to six small-capacity tankers used primarily for transporting petroleum products and lacks supertankers for crude oil.

The Ministry of Oil is looking to acquire modern tankers with a capacity of two million barrels to enhance Iraq’s maritime transport capabilities and facilitate the transportation of a portion of its oil shipments.