Published: January 11, 2012

Research and Markets: Iran Shipping Report Q1 2012 - Government Purchases Chinese FPSO Vessel

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DUBLIN - (BUSINESS WIRE) - Research and Markets (http://www.researchandmarkets.com/research/bdf468/iran_shipping_repo) has announced the addition of the "Iran Shipping Report Q1 2012" report to their offering.

The Iranian shipping sector continues to be targeted by Western sanctions in a bid to halt Iran's alleged nuclear weapons development programme. The number of separate shipping bodies and entities related to Islamic Republic of Iran Shipping Lines (IRISL) now blacklisted by the US Treasury Department has risen to 150 after six more companies, registered in Panama, were added to the list during Q411.

Government Purchases Chinese FPSO Vessel

The Iranian government has reportedly entered into a deal to buy a floating production, storage and offloading (FPSO) vessel from China. The signing of the US$260mn deal led to the cancellation of negotiations between Iran and a Norwegian oil company to buy or hire a similar vessel. The vessel is scheduled to be delivered in 2013 and will facilitate the development of the South Pars gas field. It is believed that on-time delivery of the FPSO vessel will allow the beginning of oil production at the South Pars gas field in the next two years.

Rescued By The Navy

Iran has a sizeable presence among the warships that patrol the pirate-infested waters around the Somali coastline and in the Gulf of Aden. The necessity of this was demonstrated during Q411 when a tanker belonging to NITC came under attack in an attempted hijacking. According to NITC managing director Mohammad Souri, the Iranian navy rescued a tanker when it was attacked in the Gulf Aden and Bab alIran Mandab strait. A second tanker, the Damavand, was also attacked but managed to escape without assistance. Read more inside this timely report 'Iran Shipping Report Q1 2012'

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