One of the key objectives of the Islamic Republic of Iran in post-sanctions era was announced to be the development of oil industry and trade which seems to have been in gear after the deal made in Vienna on July 14 and just two weeks after the implementation of the deal and removal of sanctions, the statistics are showing a promising future for the Iranian industry in the new era; something which may challenge the regional rivals like the UAE.
Iran’s bunkering service in the Persian Gulf, Strait of Hormuz and the Gulf of Oman was officially commenced in 2005, with selling 392,000 tons of fuel oil to the passing vessels in the first year.
Four years later the new business flourished so much that the annual amount of the trade quintupled into 2,145,000 tons.
A year later the rate hit the record as Iranian ports had sold 3,345,000 tons of fuel to passing vessels and tankers in the Persian Gulf and the Strait of Hormuz. But the business was gravely affected by unfair anti-Iran sanctions three years later and the volume of fuel sold to vessels ebbed to 1,804,000 tons.
