VOL. XXXVIII

NO. 34

22-MAY-1995

Iran

Iran Moves To Renew Tanker Fleet, Mulls Storage Options

After nearly two years of negotiation, Iran's state-owned National IranianTanker Company (NITC) has secured the necessary financing for five new 300,000dwt tankers scheduled for construction at South Korea's Daewoo shipyard.Finalization of the $490mn deal, which was originally signed in June 1993, hadbeen delayed when the two sides encountered difficulties securing financing forall of the vessels. Last...