Speaking at the 23rd conference of maritime bodies, he said sometimes in the oil market demand exceeds supply and vice versa and the imbalance sometimes requires keeping oil in floating vessels but it is different from storing oil.
“After signing a contract the floating oil will head towards its destination for delivery, so keeping oil in floating vessels for a few weeks does not mean storing them,” he said.
Elsewhere in his remarks he said there is no doubt that IOTC will reinforce its presence in the world market after lifting sanctions.
On providing insurance coverage for oil tankers after lifting sanctions, he said insurance is a very important issue for the industry adding domestic companies have provided adequate insurance coverage so that the company faces no problems at present.
According to him, new formula announced by Petroleum Ministry on bunkering will help the industry to progress rapidly.
Referring to the achievements of annual maritime conferences, he said: "Over the past 23 years, the capacity of IOTC’s fleet has grown from 6 million tons to 23 million tons and ports’ capacity from 60 million to more than 180 million tons."
Safaei said marine sector accounts for 93 percent of Iran’s total foreign trade.
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