IISC Buys 153,000-Ton Tanker Ship Using Foreign Credit
IISC Managing Director Gholam-Hussein Golparvar told reporters that his company succeeded in securing the agreement of the Standard Bank of England to pay 77 percent of the 36 million dollars needed for the purchase of the giant Suezmax tanker ship and that this is considered to be the first direct foreign investment in the Islamic Republic of Iran Shipping Lines (IRISL).
He said that the interest rate for this loan is less than five percent and it will be repaid over a period of eight years.
Golparvar said there are large banks in Germany, Britain, Greece and Japan which are ready to finance the purchase of ships all over the world but only those companies which meet international standards are given loans.
He said that nowadays over 95 percent of companies finance ship purchases using loans from foreign banks.
Golparvar said that after six months of negotiations and hard work the company succeeded in convincing the foreign bank to finance the purchase of the tanker ship ISL Olive, which is a symbol of peace and friendship. He said that since the Islamic Republic of Iran is seriously seeking to attract foreign investment, the purchase of this tanker by IISC can serve as a model for other government and private companies which are interested in buying ships.
Since IRISL can accommodate only 25 percent of Iran's oil exports, which stand at about 120 million tons per year, the purchase of the Suezmax with a capacity of 1,100,000 barrels of oil is a very great step, he added.
He noted that since about 17 million barrels of oil per day is exported through the Persian Gulf and since India imports about 85 million tons of oil annually, which will increase to 100 million tons in the future, buying the Suezmax tanker should be a good investment.
Golparvar also said that the company is about to sign an agreement with the State Bank of India which will provide 45 million dollars to finance the purchase of another tanker ship.