Tehran Looks for Foreign Investment as Iranian Tankers Restart Crude Shipments

NITC-owned tanker, image: NIOC

The National Iranian Tanker Company (NITC) is poised to carry crude oil to Asian buyers in its own vessels as sanctions ease following the implementation of Iran’s nuclear deal with world powers, according to a statement by NITC Managing Director Ali Akbar Safaei.

On Sunday, Safaei commented, “the obstacles to NITC’s services in carrying Iran crude oil to China, India, Turkey, Taiwan, Japan and South Korea according to the [determined export] ceiling have been removed based on Iran’s agreement with the P5+1. Based on this [agreement], from now own, there will be no obstacles to insurance coverage, banking and other services related to international navigation for this company (NITC) with regards to crude oil delivery to the six destination countries (China, India, Turkey, Taiwan, Japan and South Korea) according to [the determined export] ceiling.”

The official added that NITC expects a “quick return” to the international oil market beyond the six Asian states.

Iran crude oil exports have increased in January for the third consecutive month as sanctions against the Islamic Republic are gradually relieved following the nuclear deal.

Tehrah looks for foreign investment

While at the OPEC ministerial meeting in Vienna last December, Iran’s oil minister Bijan Namdar Zangeneh said Tehran would like to see seven oil giants – namely Total, Royal Dutch Shell, Norway’s Statoil, Eni and British Petroleum, as well as the US Exxon and Conoco – make investment in the Iran’s energy sector once US-led sanctions are lifted.