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World's biggest VLCC owner is back in business

Think again if you believed that Euronav or Frontline were the Kings of Crude. Number 1 is Iranian NITC, which after months under embargo is now negotiating pool deals, Commercial Director Nasrollah Sardashti says in an interview with ShippingWatch.

When the US and the EU in 2012 imposed a widespread trade embargo on the country that eventually lasted for almost four years, the development had fundamental repercussions for Iran's national oil tanker company, NITC. Until January this year, NITC was excluded from doing business with US and EU-based oil or maritime companies. As such, what had been a domestic/foreign market share of 20/80 before the embargo was converted into a market of only one exporter: The Iranian oil industry.

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