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NITC announces US$510 million profit

by Kevin Baxter on Apr 21, 2009

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The managing director of the state-owned National Iranian Tanker Company (NITC) has told the Iranian press that the company made a US$510 million profit in the last Iranian financial year while revenues stood at $1.5 billion for the same period.

"In 2008, NITC transferred 103 million tons of petroleum products abroad," Mohammad Suri told the Iranian Moj News Agency.

The official also told the agency that the majority of the company's revenue came from Europe with 51% while 26% came from Asia, 15% Africa and the remaining 8% coming from other countries spread around the world.

NITC is a subsidiary of the Iranian National Oil company and is responsible for transporting Iran's crude oil around the world as well as oil products to Iranian ports. It is currently the fourth largest tanker company in the world.

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