• 6 minutes Corporations Are Buying More Renewables Than Ever
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 23 minutes Starvation, horror in Venezuela
  • 13 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 2 days Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 1 day Renewable Energy Could "Effectively Be Free" by 2030
  • 2 days Saudi Fund Wants to Take Tesla Private?
  • 5 hours China goes against US natural gas
  • 2 days Mike Shellman's musings on "Cartoon of the Week"
  • 2 days Venezuela set to raise gasoline prices to international levels.
  • 3 days The Discount Airline Model Is Coming for Europe’s Railways
  • 2 days Pakistan: "Heart" Of Terrorism and Global Threat
  • 2 days Are Trump's steel tariffs working? Seems they are!
  • 13 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 3 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 1 day Why hydrogen economics does not work
Shale Profits Remain Elusive

Shale Profits Remain Elusive

Despite higher oil prices, U.S…

Iran Sanctions Could Backfire On U.S. Drillers

Iran Sanctions Could Backfire On U.S. Drillers

After the U.S. announced new…

Iran Launches its First Ever Domestically Produced Aframax Oil Tanker

In an effort to reduce the effectiveness of EU sanctions Iran has launched its first ever home produced aframax oil tanker, capable of carrying 700,000 barrels of oil.

Mehdi Etesam, the managing director of Iran Maritime Industrial Company SADRA, has said that “the production of the aframax ship is the first export shipbuilding activity of Iran, and we must continue by attracting more customers.”

The oil tanker was ordered by Venezuela, whose president Hugo Chavez has nurtured ties with Tehran as part of his anti-US political stance.

EU sanctions which came into full effect in July have made it very difficult to find insurance brokers to cover tankers transporting oil from Iran. Added to that is the fact that influential US lobby groups have pressured top ship classifiers to deny safety and environmental certifications for Iran’s shipping firms, without which the ships are unable to make port in international harbours. Producing their own ships should allow Iran to avoid these sanctions.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News