Economic Feasibility Study for Establishing a Fleet of Crude Oil Tankers in Iraq

Abstract

Crude oil, refined petroleum products, and gas are considered the most important and prominent in terms of value and quantity in maritime transport, as multiple types of crude oil, petroleum and chemical products are transported on board tankers that were specially designed for this purpose. Tanker markets have witnessed several developments in this field, so It has become necessary for oil-producing and exporting countries to keep pace with it in order to be able to penetrate and remain stable in global oil transport markets. In light of this, Iraq still does not own any crude oil tanker, as it sells its crude oil according to the maritime sales contract (FOB), that is, on the back of the buyer’s tanker, and therefore it depends Fleets of foreign companies must transport their oil exports to buyers’ ports, and because Iraq is the second largest oil producer among the OPEC countries, it is better for it to have an integrated fleet of crude oil tankers to be a strong competitor in the global oil transportation markets, So The research attempts to prove the hypothesis (the necessity of Iraq owning crude oil tankers in parallel with the developments taking place in global fleets and enhancing its position in the international maritime transport market, in addition to the fact that building a national fleet generates extremely important revenues and has economic feasibility. the research aims to the Statement development of seaborne Iraqi crude oil trade & know the geographical distribution of Iraqi crude oil trade, explaining the method of selling Iraqi crude oil, statement of the economic feasibility of building a crude oil tanker.