ATHENS (Bloomberg) — Restis Group, the Greek shipping company owned by Victor Restis, was due to sign an accord with the Iraqi government this week for the use of its vessels to transport dry bulk shipments.

"The global financial crisis has pulled shipping down generally," Victor Restis said at a joint press conference with Iraq's Minister of Transportation Amer Abdul-Jabbar Ismail in Athens last Thursday. "Iraq is in a period of infrastructural re-building. Many raw materials will be needed."

Iraq, devastated by almost thirty years of wars and international sanctions, is banking on its oil wealth to pay for reconstruction. The Middle Eastern nation sits on the world's third-largest oil reserves after Saudi Arabia and Iran.

Restis ships will be managed by an Iraqi company that oversees sea transport for the Middle Eastern country, Restis and Ismail said. Further details of the deal, including the number of ships to be used, will be announced in the coming days, the two men said. The accord is expected to be put into effect this year, Ismail said.

Iraq imported around 36 million tons of dry bulk shipments last year, Restis said. The country, a major wheat importer, is in a "stable condition safety-wise," Ismail said.