Iranian supertanker operator to invest US $2 billion in fleet expansion

"We have a significant new building programme underway, including plans for 10 LNG carriers and 10 chemical tankers by 2009," said Mohammad Souri, Chairman, NITC.

"The Iranian petrochemical industry is growing fast and will become one of the world's largest exporters within the next decade. Currently, Iran exports US$ 3.9 billion worth of petrochemicals and this will increase to US$ 11.5 billion by 2010."

Souri, who has grown one of the world's youngest tanker fleets with an average vessel age of less than four years, was speaking ahead of his planned address at Middle East Money & Ships - the region's conference for maritime financiers, insurers, lawyers, banks and investors, being held at Grand Hyatt Dubai from December 12-13, organised by international maritime organisation, Seatrade.

"By the year 2010, Iran will require more than double the amount of vessels to handle its petrochemical exports. This year we need 73 and in five years we would require 184, "he said.

"And by the end of this year, Iran would have generated 30 million tons of petrochemicals and by 2010, the country is expected to produce 76 million tons."

Last year, the Iranian tanker chief was named Seatrade Personality of the Year for West and Central Asia at the prestigious Dubai International Maritime Awards (DIMA). This year's awards will run alongside Middle East Money & Ships and will be presented at a gala dinner on December 12 by IMO Secretary-General Efthimios Mitropoulos on his first official visit to Dubai.

"This has proved to be an extremely well-received initiative which we will build on year-on-year to constantly reflect the growing and evolving nature of the region's maritime base," said Chris Hayman, Managing Director, Seatrade.

Souri is among a powerful Middle East Money & Ships speaker line-up. At the two-day event, he will be joined on the speaker platform by Colin Cridland, Head of Research at Braemar Seascope; Robert Curt, Managing Director, Qatar Gas Transport Co.Ltd ; Richard Briggs, Partner, Hadef Al Dhahiri & Associates; Bote De Vries, Head of Investment Management, DVB Bank ; Khamis Bu-Amim, Chairman, RECSO; Yusr Sultan, Director, Gulf Energy Maritime PJSC; David Fairnie, Maritime Director, Hart; Peter Grübe, Manager BIMCO Courses; Marcus Machin of Alislami Oceanic Shipping Company Ltd; Dr Salah Malaikah, CEO of SALAMA Islamic Arab Insurance Co; Neil Miller, Head of Islamic Finance Group, Norton Rose; Hugo Modderman, CEO of Dolfinance Monaco and agent for DVB Bank America NV; Nikolaos Pappadakis, Chairman of Intercargo; Andreas Vergottis, Research Director, Oceanic Hedge Fund, Tufton Oceanic Ltd; Javad Mosadeghi, CEO, Islamic P&I Club; Tony Rice, Head of Ship Finance, Denton Wilde Sapte; and Dr Adil Sinjakli, Managing Partner, Sinjakli & Associates.

Middle East Money & Ships is sponsored by Det Norske Veritas, Emarat Maritime, International Tanker Management, LMG/Cooper Gray, Lloyd's Register, NITC and NSCSA. The conference is fully endorsed and supported by Dubai Maritime City and DP World.