Currently sailing under the flag of Iran. Its services include shipping refined petrochemicals, transporting crude oil, rescuing lives at large oceans and sea, training oil spill task forces, and training services; NITC is a subsidiary of the National Iranian Oil Company, which was privatized in 2009. The United States granted temporary six-month waivers to a few countriesChina, India, South Korea, Turkey, Taiwan, Malaysia, South Africa, Singapore and Sri Lankathat had long depended on Iranian energy. By 2019, Iran had 54 tankers, including 38 very large crude carriers, or VLCCs, and eight Suezmaxes, according to Lloyds List Intelligence. The law also imposed sanctions on foreign banks conducting business with Iran. "Or, it could be in response to the sanctions on the 24th [of April] by the U.S. against personnel in Iran connected to the IRGC.". [8], NITC has a huge project for replacing tankers, including the construction and purchase of 25 tankers with a total capacity of 6 million tons. It targeted companies conducting business with Irans national oil company and tanker fleet, such as insurers and shippers. It banned Tehran from testing missiles capable of carrying nuclear warheads and imposed an embargo on the transfer of major weapons systems to Iran. The NITC had a total fleet of four tankers. Many of these companies terminated contracts with the NITC after the Trump administration reinstated sanctions on Irans shipping industry in November 2018. Souri commented that the National Iranian Tanker Company has purchased five ships while the others were bought within the private sector. NEW DELHI/SINGAPORE (Reuters) - Iran plans to list its national tanker company to raise badly needed cash to upgrade its massive fleet and replace older vessels, as the middle east country prepares for an aggressive return to the global oil market. The Iran Astaneh was an Iranian oil tanker registered to the NITC. In 2012, only seven of Irans 25 supertankers operated on-board transponders. Zhuhai Zhenrong Corp and Sinopec Group have activated a business clause in their long term supply agreement with NIOC, and likely Iran will cover all the costs and risks, including insurance, for the delivery of the crude.
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