Iran tanker company to ship oil as sanctions ease

The National Iranian Tanker Company may ship crude oil exports to countries including China, India and Turkey after sanctions were eased.

DOHA // National Iranian Tanker Company got permission to ship oil to some several countries as sanctions were eased, the official Islamic Republic News Agency reported yesterday.

Tankers belonging to the company may export crude to China, India, Turkey, Japan, South Korea and Taiwan after sanctions against insuring the country’s vessels were suspended last week, said, citing the company’s managing director, Ali Akbar Safaei.

Iran agreed with world powers including the US, UK, France, Russia, China and Germany to curtail its nuclear programme in return for an easing of some sanctions on oil, auto parts, gold and precious metals in a November 24 agreement signed in Geneva.

Iran is preparing for a second round of nuclear talks scheduled for next month as it seeks a further easing of sanctions that caused crude exports last year to drop to their lowest since 1990.

The US and some European countries claim Iran seeks to develop nuclear weapons. Iran says its programme is only for energy.

Crude export volumes to the Asian countries covered under the agreement won’t change, Mr Safaei said. The countries are allowed to import limited volumes of Iranian crude under a sanctions waiver agreement with the US.

Sanctions have only been suspended on tankers belonging to the National Iranian Tanker and the National Iranian Oil Company and not to other commercial and private entities listed by the US treasury department.

* Bloomberg