Despite Iraq possessing one of the largest oil sectors in the region and its heavy reliance on crude oil exports, the issue of owning giant oil tankers remains a missing link in the Iraqi export system, raising questions once again about the reasons for the delay in building a national fleet capable of transporting large quantities of crude oil to global markets.
In this regard, former MP Basim Al-Ghraibawi stated in a press interview that "it is astonishing that Iraq does not own giant oil tankers, unlike many other oil-exporting countries, while the revenues from a month and a half of renting tankers for oil transport could have been sufficient to purchase new tankers." He pointed out that "the contracts signed in this area are among the existing corruption doors."
He added that "Iraq has a company for oil tankers and it could have invested the money spent on renting to purchase tankers and transport Iraqi oil to buyers instead of continuing to rely on rentals."
Al-Ghraibawi noted that "Iraq has not purchased giant oil tankers for more than twenty years, unlike other oil-exporting countries, which raises many questions." He indicated that purchasing tankers could have been done in a short period; however, the situation has continued for over two decades without owning a giant fleet.
He highlighted that "owning a fleet of tankers would have yielded multiple benefits, including taking advantage of oil prices and reducing the money spent on renting tankers, thus redirecting these funds to the state treasury," asserting that developing the oil tanker company and strengthening its fleet "requires a brave stance and decision from the Iraqi government."
On his part, oil expert Hamza Al-Jawahiri remarked in a press interview that "the reason preventing Iraq from purchasing giant oil tankers is a political one, and there is no technical barrier preventing Iraq from owning such tankers."
He added that "Iraq does not own giant tankers to transport Iraqi oil to buyers," affirming that "the reason Iraq relies on rental in this regard is a political decision, not a technical obstacle."
The Iraqi Oil Marketing Company, "SOMO," sells most of its oil on an FOB basis, which transfers the shipping responsibility and risks to the buyer after loading the oil onto the tanker at the port of Basra.
In this context, the Ministry of Oil has been one of the most generously funded ministries for investment expenditures in recent years, with investment expenses for the ministry in 2025 reaching over 12 trillion and 873 billion dinars, equivalent to about 9 billion dollars.
For years, the fleet of the Iraqi Oil Tankers Company has included a limited number of vessels with varying capacities, including four large tankers, each with a capacity exceeding ten thousand tons: Baghdad, Shatt al-Arab, Tigris, and Euphrates, while their total capacity, according to circulating data, does not exceed about one and a half million barrels only.
The tanker issue remains one of the matters that underscores the importance of developing the Iraqi oil export system comprehensively, from production, ports, and storage to maritime transport, ensuring Iraq's greater ability to manage its exports and reduce its exposure to fluctuations in shipping markets and regional crises.