The Hindu Business Line : Iranian tanker co in joint venture talks with SCI

NATIONAL Iranian Tanker Company (NITC), head-quartered in Tehran, is understood to be negotiating with Shipping Corporation of India for setting up a joint venture.

Senior officials of both the companies had preliminary discussions in Mumbai over the weekend, a source familiar with the development said. The proposal is to jointly operate tanker services to carry oil cargo to India.

Mr Mohammad Souri, Chairman and Managing Director of NITC, who is currently in Mumbai, told Business Line that his company is negotiating with some Indian parties for a possible business relationship. The company has not finalised any deal with anyone so far, he said.

However, a source familiar with the development said there were discussions between officials of SCI and NITC a couple of days ago on the possibilities of starting a joint venture.

The Iranian government-controlled NITC is a leading player in the tanker market, operating 32 vessels including 15 VLCC, 5 Aframax and five product carriers. The company had a turnover of $860 million last year. NITC vessels are already being hired by Indian oil companies for import of crude from Gulf countries.

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