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Iran earns $3.1B from bunkering in 2 years

Business Materials 14 September 2015 18:34 (UTC +04:00)

Baku, Azerbaijan, Sept. 14

By Fatih Karimov - Trend: Iran earned 110 trillion rials (about $3.1 billion) from bunkering in the two consecutive Iranian fiscal years, started from March 2013.

Naser Sajjadi, the managing director of the National Iranian Oil Products Distribution Company, said the volume of bunkering amounted to 2.7 billion liters, Iran 's Shana news agency reported Sept. 14.

The term "bunkering" refers to the practice and business of refueling ships. Bunkering operations are located at seaports.

During the two-year period, 6.894 billion liters of fuel oil and 316.3 million liters of diesel were sold to ships.

Mostafa Kashkouli, an advisor to the managing director of the National Iranian Tanker Company, said on Aug. 7 that Iran hopes to boost its share of bunkering after sanctions against the country are lifted.

Referring to the establishment of Iran's bunkering association, he said that the move is aimed to increase Iran's share of bunkering in the region to at least 50 percent.

"At present, over 90 percent of bunkering is carried out by Persian Gulf states, especially the United Arab Emirates. Despite having high potential such as strategic location, long borders with Persian Gulf and Sea of Oman, and large amounts of fuel oil, Iran has little share of bunkering mainly due to sanctions."

Edited by CN

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