Iran Reveals $2.5 Billion Oil Fleet Plan

Ali Akbar Safaei, Managing Director of National Iranian Tanker Company (NITC) has said that Iran is seeking US$2.5 billion to modernise its oil tanker fleet, which will include testing, inspection and certification, according to gCaptain.

Ali Akbar Safaei said: “To expand Iran’s oil tanker activities, $2.5 billion will be invested in it.”

Technical Paper: Iranian Ports in the Post-Sanction Era

Iran has been active in pursuing new trading ventures in recent months, with recent plans including the Islamic Republic of Iran Shipping Lines (IRISL) berthing at the Port of Hamburg.

The move marks a significant step in the opening up of trading barriers between the East and West.

IRISL also announced that it will be reopening a regular liner service between Northern Europe and the Persian Gulf.

Comment: Iranian New Year Brings New Era

These developments are representative of the lifting of sanctions which took place in recent months, which allows companies and non-US citizens to trade with Iranian government entities.

Historically, the US imposed sanctions on Iran’s oil and trade industries in response to an alleged backing of terrorism in the mid-90s.

However, now that sanctions have been lifted, this will allow Iran to boost its trading ties with Western countries and continue to develop as both a financial powerhouse and a nation working with the wider world.