Commenting on profit ratio of transportation charges to increasing oil prices, he said, “There is no direct relation and the quotient is actually a parameter of supply and demand to the destination that oil is carried to.” Moreover, the number of available giant carriers is another determining index in crude oil transportation rate while the volume plays a role in these calculations, he added.
As to the strict regulations of European ports on oil tanker’s docking, he pointed out that the nation’s oil fleet is one of the youngest yet the most modern one in the world. It meets all the international criteria, and it also carries some self-imposed optional standards receiving recognition worldwide.
The Korean company Hyundai is to deliver a giant oil tanker of VLCC (Very Large Crude Carrier) class ordered by NITC before March 2007, and several others of various classes are to be built domestically for carrying crude and petrochemical products.
ML/MA
END
MNA
Your Comment