EMEA News
Iran Says Bunkering Capacity Up 33%, but Sector Needs More Investment
Mohammad Saeednejad, Managing Director for Iran's Ports and Maritime Organization (PMO), says annual bunkering capacity has risen some 33 percent since the lifting of sanctions against his country, but more investment in the sector is needed if it is to compete at an international level, local media Reports.
Saeednejad, who was speaking at a recent conference on bunkering in the Persian Gulf, said annual bunkering capacity had risen from 3.3 million tonnes to 4.4 million tonnes since the deal to lift sanctions, formally known as the Joint Comprehensive Plan of Action (JCPOA), came into effect.
Last year, when sanctions were in effect, the country reported it still managed to earn $1.35 billion on sales of 3 million tonnes of fuel oil in the 10 months to January 21, 2015.
While Saeednejad did not elaborate further on specific sales volumes, he noted the need for private sector investment, and that "investment scales in the area of bunkering need a major change since small-scale activities would not be able to compete in the international arena."
This is not the first time since the lifting of sanctions that Iran has taken an ambitious tone in regard to bunkering.
Earlier this year Iran said it planned to open a new "biggest of its kind in the Persian Gulf" bunkering operation on Qeshm Island.
