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Iranian crude oil carrier close to being insured

According to Bloomberg, Iranian NITC is close to securing a new and necessary insurance, so that the carrier can finally set sail to the export of crude oil.

Photo: Vahid Salemi/AP/POLFOTO

For the past six months, carrier NITC (National Iranian Tanker Company) has worked to prepare for the day when the West would lift the sanctions against the country. During this time, NITC has negotiated with foreign organizations for the classification of vessels, insurance for incidents including oil spills, as well as international registration, and a deal is close to being made, said Nasrollah Sardashti, director for commercial affairs, on Tuesday, according to Bloomberg.

Settling all of these issues is completely necessary in order to be eligible among major oil customers, which will become accessible again with the lifting of the years of trade sanctions that both the US and the West have had in place against Iran. NITC is not a small player in the crude oil market, and in the middle of 2015 the carriers fleet stood at about 42 VLCCs, nine Suezmax vessels and five Aframax ships.

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