Iran’s NITC Affected by Sanctions, Despite EU Blacklisting Overturn

Iran’s leading oil tanker firm NITC still has a long and arduous way ahead in the effort to reach its pre-sanction export levels, in spite of the EU General Court’s ruling against the EU’s 2012 blacklisting designation of the company.

NITC, sanctioned both by the EU and the United States, contested the blacklist designation by arguing that the company is privately owned by Iranian pension funds, and affiliated neither with the Iranian Government, nor with the Revolutionary Guards, according to Reuters.

The EU General Court in its ruling on the appeal stated that there is no evidence supporting NITC’s alleged ties to the Government of Iran.

The Court’s ruling will be suspended pending the expiry of the appeal period, a two-month period being usually allowed for appeals.

NITC has in the previous years resorted to frequently changing the names of its vessels, as well as their flags, in order to mask its activities.

With a fleet of 37 supertankers and 14 smaller tankers, and an overall carrying capacity of around 86 million barrels of oil, NITC has played a crucial role in keeping Iran’s exports flowing to buyers, especially in Asia.

Iran and the United States, France, Germany, Britain, Russia and China are hoping to reach a long-term deal by a July 20th deadline.

Under the interim agreement signed in November, which came into effect in January, Iran’s exports should average 1 million barrels per day through to July 20. The country has been surpassing that limit for several months now.

The accord also included an easing on restrictions on ship insurance, and allowed for less difficult shipping of oil that the OPEC member was permitted to sell to mainly Asian buyers.

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World Maritime News Staff; July 15th, 2014; Image: NIOC