Iraq to Expand Tanker Fleet

Iraq plans to acquire a "large fleet" of oil tankers to transport the OPEC nation's crude to global markets, Oil Minister Jabar al-Luaibi said in a statement on Friday. The nation's tanker fleet was largely destroyed during the US-led offensive to dislodge Iraq from Kuwait in 1991, according to the state-run Iraqi Oil Tankers Company's website, Reuters reported. The company owned as many as 24 tankers in the 1980s. "The ministry is keen to restructure the company and develop its operations by building and buying a large fleet of tankers," Luaibi told the company's management, according to the statement. Iraq is OPEC's second-largest producer, after Saudi Arabia. Last year, the kingdom said it is looking to expand its fleet of oil tankers into the world's largest as part of efforts to ensure a secure supply of crude oil to its customers worldwide.