Iran Increases LNG Orders

The National Iranian Tanker Co (NITC) -- Iran's state tanker company -- has invested about $2 billion on 17 new oil tankers, and could order at least 30 more liquefied natural gas (LNG) carriers by the end of the year, a senior official said, according to a Reuters report. NITC aims to become a global player in energy transportation and will register the ships outside Iran under financing agreements, to keep operating in the event of sanctions from its nuclear spat with the West. He said that NITC was currently awaiting the delivery of 13 VLCCs of 315,000-318,000- tons each, expected between the end of 2007 and early 2009. This will see their supertanker fleet size grow to 28. "These are additions and not replacements, because we have a very young fleet at the moment with an average age of about 10 years," Seyedhabibollah said. (Source: Reuters)