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FINANCIAL NEWS
Iraq signs transport deal with Swiss firm
21 Sep 2010
(MENAFN) Iraq has signed a deal with a Swiss company to jointly operate 66 ships in a major leap to restore the country’s war-ravaged cargo fleet, Reuters reported.
Ismat Jiad, the head of state-run Maritime Transportation Co., says the five-year deal with Global Refinery will help Iraq develop its maritime business. He says the deal could later be extended for five more years.
Jiad said the fleet will transport goods to and from Iraq and will work mainly with the Iraqi government. Iraq now only has two cargo ships now and four oil tankers.
Iraq’s fleet of oil tankers and cargo vessels was devastated by shelling during the 1980-88 war with Iran and attacks during the 1991 US-led Gulf War.
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