The Iraqi government is finally moving ahead with plans to re-establish the long-dormant Iraqi Oil Tanker Co (IOTC).

According to Middle East news reports, Iraq's transport ministry has allocated $25m for the purchase of two 10,000-dwt products tankers.

Middle East-based tanker brokers expect IOTC to be looking for two modern, secondhand units, although they caution that the plans could easily be subject to change.