Istanbul — NITC, Iran’s leading oil tanker operator, said on Monday that its shipments to Europe were increasing daily and the company planned to upgrade its fleet to support expansion. International sanctions on Iran were lifted in January 2016. Mohammad Reza Shams Dolatabadi, NITC’s head of international affairs, said on the sidelines of an energy industry conference in Istanbul that the firm aimed to replace some older tankers with new vessels. "We have a plan for the renovation of our fleet and to buy new vessels. We’ll scrap some of our old vessels, but we will not change our capacity," he said. "We have a [renovation] plan for five years, but [we are] still working to finalise that."
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