[1] In 2009, Iran and South Korea's Daewoo signed a $128-million contract on tanker supply with a capacity to carry 2.1 million barrels of crude.
[9] NITC expects by 2013 to have 74 ships of all sizes, including very large crude carriers, or VLCCs, and also smaller vessels.
[2] Over the next two decades, Iran would need 500 new ships, including 120 oil tankers, 40 liquefied natural gas (LNG) carriers and over 300 commercial vessels.
[10] In 2009 in a move aimed at further enhancing Iran's shipbuilding industry, President Mahmoud Ahmadinejad said he will ban the purchase of foreign ships by Iranian organizations.
Zhuhai Zhenrong Corp and Sinopec Group have activated a business clause in their long term supply agreement with NIOC, and likely Iran will cover all the costs and risks, including insurance, for the delivery of the crude.