Iraq plans to rebuild its fleet of oil tankers that will be used to ship its crude oil to markets worldwide, Reuters reports.

"The ministry is keen to restructure the company (Iraqi Oil Tankers Co) and develop its operations by building and buying a large fleet of tankers," Oil Minister Jabar al-Luaibi told the company's management, according to the statement seen by Reuters.

Iraq's tanker fleet was largely wiped out during the US-led offensive to dislodge Iraq from Kuwait in 1991, according to the state-run Iraqi Oil Tankers Co, which owned as many as 24 tankers in the 1980s, several of which were also destroyed in the Iran-Iraq war.

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