Middle East

NITC ships deployed as floating storage vessels

London:  Iran is storing millions of barrels of oil on tankers in its territorial waters thanks to the tough sanctions imposed on the nation, Reuters has reported.

The article estimated at least 13 tankers belonging to NITC were being used as floating storage vessels, meaning up to 25m barrels of oil was sitting in ships off the Iranian coast.  

NITC has taken delivery of four VLCCs from Chinese yards this year, the company finding trading conditions extremely tough thanks to a blacklisting from Western nations.  [25/04/13]


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