Iran to expand VLCC fleet

The Chairman of state-owned National Iranian Tanker Company (NITC), a subsidiary of the National Iranian Oil Company, said that the company is planning to buy seven VLCCs to its current fleet of 28 tankers within the next three years, at a total cost of $910 million. He pointed out that the company aims to meet the rising demand on energy transportation as the company expects acceleration in fuel consumption in the years to come.

Iran owns 11% of the world’s oil reserves and the world’s second largest gas reserve.