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