Iran's National Iranian Oil Company plans to enter the LNG market
2017-07-14 09:00
The National Iranian Tanker Company (NITC) recently announced that it is considering entering the LNG shipping market, driven by Iran's plans to increase natural gas production in the future.
According to Reuters, Mohammad Reza Shams Dolatabadi, head of international affairs at NITC, revealed that NITC is studying the acquisition of LNG vessels 。
Since the lifting of sanctions against Iran in January 2016, NITC's position in the European shipping market has significantly improved, leading the company to diversify and rebuild its fleet. NITC stated that its vessels have called at several European ports, with the volume of goods transported increasing daily.
Dolatabadi stated that the company is working to update its fleet and is developing a five-year plan that includes acquiring new vessels and dismantling older ones, but this will not significantly change the fleet's capacity.
Earlier this month, NITC's parent company, the National Iranian Oil Company (NIOC), signed a $5 billion deal with Total, marking the return of the European oil and energy giant to the Iranian market.
Iranian Oil Minister Bijan Zangeneh stated that this agreement will resolve doubts some foreign companies had about investing and working in Iran. In fact, this will be the start of foreign investors returning to Iran, not only in the oil industry but also in other unrelated sectors.
According to NIOC, Iran's current crude oil production is 290,000 barrels per day, and it is expected that daily oil production will increase by another 78,000 barrels in the future.
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