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