News ID: 151279
Published: 0652 GMT May 13, 2016

NITC: No limit on traffic of Iranian oil tankers in world

NITC: No limit on traffic of Iranian oil tankers in world

Kerry: European banks free to pursue business with Iran

National Iranian Tanker Company (NITC) said on Friday that there is no limit for the traffic of Iranian oil tankers at ports in the world as the company has managed to obtain the international certifications and insurance sanctions against Iran have been fully lifted.

Head of the NITC, Ali Akbar Safaei said the problems related to insurance for Iranian oil tankers has been fully resolved and Iranian oil tankers have been covered by international insurance companies and now can dock at all ports in the world, IRNA reported.

Also, Commercial Director of the NITC, Nasrollah Sardashti said on Wednesday the company’s fleet will return to European ports next month after a hiatus of five years.

"We expect that first Iranian oil tankers start their travel to European ports in June 2016," he added, Shana reported.

NITC updated itself during the sanctions era and Iranian tankers carried cargoes to Korea and China despite limitations, he noted.

Sardashti said that before the sanctions, Iran oil export to Europe was up to 700,000 bpd and parts of it was carried by NITC and this company is ready to do the job again.

The NITC possesses one of the largest fleets of oil tankers in the world.

Despite challenges facing the company, NITC has managed to keep to the highest level of global standards through providing repairs and maintenance for its tankers.

Referring to the removal of anti-Iran sanctions following a lasting nuclear deal between Iran and world powers, the commercial director of NITC said Iranian oil tankers can now resume their activities in Europe after nearly five years.

 

European banks free to deal with Iran

 

On Thursday, the US Secretary of State John Kerry said the biggest European banks, nervy of doing deals in Iran for fear of breaking laws, are free to pursue “legitimate business” there in the wake of a deal that lifted many sanctions on the country, Bloomberg reported.

“There has been a reluctance in some places to take risk,” Kerry told a group of bankers including Deutsche Bank AG Co-Chief Executive Officer John Cryan at a meeting in London Thursday, according to remarks published on the US State Department website. “We want to make it clear that legitimate business, which is clear under the definition of the agreement, is available to banks.”

Kerry has pushed through a deal under which the US, Russia and European countries in January lifted a series of economic sanctions on Iran in exchange for its agreement to put limit on its nuclear activities.

Yet many of the continent’s biggest banks remain unwilling to go anywhere near deals related to the Iran for fear that they will run afoul of remaining US sanctions on the country.

“As long as they do their normal due diligence and know who they’re dealing with, they’re not going to be held to some undefined and inappropriate standard here,” Kerry said.

A crucial ban remains on dollar-denominated trades related to Iran, scaring away most large European banks.

BNP Paribas SA, the biggest French bank, two years ago found out what it means to run afoul of Iranian sanctions. The Paris-based lender paid a record $9 billion US fine in 2014 after processing banned transactions involving Cuba, Sudan and Iran.

 “What we’re trying to address is a gap between the undoubted political commitment of the US to make this agreement work in practice, to allow Iran to access the world’s trade system and the world’s finance system, and the reality of what the European banks are finding in practice,” UK Foreign Secretary Philip Hammond told the bankers, according to the statement. “We’re trying to bridge that gap.”

Deutsche Bank, based in Frankfurt, and Zurich-based Credit Suisse are among the biggest European lenders that say they’re generally not prepared to do business in Iran yet. Societe Generale SA, based in Paris, is also avoiding Iranian deals along with ING Groep NV in the Netherlands and the UK’s Standard Chartered Plc.

“The easing of US and EU sanctions against Iran has increased expectations on the banking sector to support companies in their planned lawful business activities with Iran,” Charlie Olivier, a spokesman for Deutsche Bank, said in an e-mailed statement.

   
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