Iraq has set sights on creating a large fleet of modern oil tankers to transport the country's crude, Reuters reports quoting a statement from the country's Oil Minister.

"The ministry wants to restructure the company's mission to develop its operations by building and buying a large fleet of tankers to transport and market oil to all parts of the world," Minister Jabar al-Luaibi's Friday statement reads.

The fleet of Iraqi Oil Tankers Company (IOTC) had comprised of 24 vessels, however, during the Gulf War much of it was destroyed by the US-led forced in 1991.

Additionally, the ministry wants the IOTC to up its game with respect to its transportation standards and staff competence.