A Chinese bank is proposing to extend a US$5 billion credit line to expand Iran's shipping and tanker fleet, the Iranian Minister for Labour and Social Welfare, Ali Rabiei said.
The fund will be used by the National Iranian Tanker Company (NITC) and Iran Shipping Lines, according to the country's semi-official news agency, FNA.
He added that the NITC fleet is capable of carrying more than 130 million tonnes of crude and oil by-products.
Domestic projects in the oil industry's upstream and downstream sectors will require US$180 billion in funds in the next six years," Rabiei stated.
"The Rouhani administration plans to achieve an economic growth of 8 per cent. This is while, for each 1 percent of economic growth, we need US$31.25 million worth of investment," Rabiei concluded.
With a fleet of 62 tankers, NITC has a combined capacity to load and transport 15.4 million tonnes of cargo.
