Iran is seeking $2.5b investment to modernize its oil tankers fleet following the lifting of sanctions against Tehran, National Iranian Tanker Company (NITC) stated, according to Reuters.

“To expand Iran’s oil tanker activities, $2.5b will be invested in it,” said Ali Akbar Safaei, MD of the National Iranian Tanker Company (NITC).

In March, two Chinese firms were pushing for multi-billion dollar deals with Iran to modernize its shipping fleet and build a high-speed railway.

Arabian Business informed that NITC has around 70 tankers but many of them are aging and require valid insurance, testing, inspection and certification, known as ship classification, to be able to ply international waters again.