on 11 tankers now being completed so it can take possession of them.
Because of the EU ban on insuring or reinsuring tankers carrying Iranian oil, which takes effect in two weeks, Iran is expected to need those new tankers to deliver crude to countries that won’t otherwise buy Iranian oil.
Currently, the National Iranian Tanker Co. (NITC), a subsidiary of the NIOC, owns 49 tankers so the additional 11 tankers, due to be delivered this year, will give it a much needed boost in carrying capacity.
But the Mehr news agency said a French bank, which it did not name, had demanded that the NIOC pay off the loan for building the tankers now rather than over the next several years. The French bank was apparently motivated by the new EU banking restrictions, which make it harder for Iran to conduct business transactions.