NITC Seeks $2.5b to Modernize Fleet

NITC Seeks $2.5b to Modernize FleetNITC Seeks $2.5b to Modernize Fleet

Iran is seeking investment worth $2.5 billion to modernize its oil tanker fleet following the lifting of sanctions against it in January, managing director of National Iranian Tanker Company was quoted as saying by IRNA on Saturday. "To expand Iran's oil tanker activities, $2.5 billion will be invested in it," Ali Akbar Safaei was quoted as saying by Reuters. NITC has around 70 tankers but many of them are aging and require valid insurance, testing, inspection and certification, known as ship classification, to be able to ply international waters again. Safaei noted that NITC was the first Iranian company to rent its ships to foreigners after the lifting of sanctions. Iran emerged from years of economic hardship after sanctions were lifted in January in return for Tehran complying with steps to curb its nuclear program. Reuters reported last month that two Chinese firms were pushing for multibillion dollar deals with Iran to modernize its shipping fleet and build a high-speed road.