Will Iran circumvent U.S. sanctions with helps of old tankers?
Iran is discreetly scouring the globe for second-hand oil tankers to replace its ageing fleet and keep crucial crude exports flowing as U.S. sanctions start to bite, Iranian and Western sources said.
Washington has put restrictions on Iran’s port, energy and shipping sectors but it has given waivers to the country’s eight biggest oil customers, which include China, India and Japan, so they can keep buying Iranian crude.
And now Tehran is now looking for extra vessels in places such as Vietnam and Greece, Reuters reported.
Iran has more than 50 tankers, but needs them for both transporting oil and storing unsold stocks in its territorial waters - given its limited onshore storage capacity.
Iran reached an agreement with world powers in 2015 over its nuclear program which led to the lifting of sanctions in 2016 but U.S. President Donald Trump pulled out of the deal in May last year and reimposed U.S. restrictions in November.