Iran signs 70 deals with foreigners on renting oil tankers

Business Materials 23 May 2017 14:49 (UTC +04:00)

Baku, Azerbaijan, May 23

By Emil Ilgar – Trend:

Iran has 70 contracts signed with foreign companies on renting oil tankers, Managing Director of National Iranian National Iranian Tanker Company (NITC) Sirous Kian-Ersi said.

The majority of Iran’s signed agreements are with Asian and European companies, Shana news agency quoted him on May 25.

According to him, currently Iran’s own tankers transit oil to Italy and Spain, while negotiations with Poland are underway.

Iran has resumed oil export to the EU since early 2016, but only foreign tankers were able to transit oil due to insurance problems for Iranian ships.

Kian-Ersi said that the insurance problem has been resolved.

Iran has increased its oil and gas condensate exports from 1.2 million barrels per day (mb/d) during the sanctions era to around 2.5 mb/d currently.

Its own oil tanker fleet capacity is about 75 million barrels. Iran had used 50 million barrels of its fleet to store unsold oil during sanctions, but Iran says it sold all of stockpile since April 2017.