TEHRAN (PIN) -- Iran received its first oil tanker ordered from South Korea-based shipbuilder Hyundai Company.

Managing director of the National Iranian Tanker Company (NITC) elaborated that the 317,000-ton tanker worth $128 million would berth within 20 days at an Iranian port, ISNA reported.
Under the time framework agreed between Tehran and Seoul, Hyundai would deliver the second tanker by next March.
In all, of the 17 very large crude carriers (VLCCs), 13 would be able to carry 317,000 tons of oil and four will have the capacity of 64,000 tons.
Once the total tankers are delivered, the capacity of Iran’s fleet for oil transportation would increase to 10.8 million tons.
This is while, according to presstv.com, the capacity of Iranian tankers currently stands at six million tons, putting it in the sixth position worldwide.
The country plans to expand its fleet to increase oil transportation capacity to 11 million tons by 2010 which would put it at fourth position in the world.
NITC, a subsidiary of the National Iranian Oil Company, uses ships to transport its own crude and oil products, and also hires out its tankers.
Iran holds 11 percent of the world’s oil reserves, and has the world’s second-largest gas reserves.
It pumps out about four million barrels per day to world markets, with about 60 percent bound for Asia, and the rest shipped to Europe.