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NITC meaning in Business ?

Answer» What is National Iranian Tanker Company mean?

The National Iranian Tanker Company (NITC, Persian: شرکت ملی نفتکش ایران‎, Shirkat-e Mili-ye Nuftekâshi-ye Iran) is a subsidiary of the National Iranian Oil Company, which was privatized in 2009. As of 2011, NITC was owned by funds managing pensions for 5 million Iranians. It is the biggest tanker company in the Middle East. The company transports Iranian crude to export markets and also engages in cross-trading of crude oil cargoes for some 150 oil majors worldwide, including Royal Dutch Shell, Total SA, Saudi Aramco and state-run producers in Kuwait and Abu Dhabi. NITC has a capacity of 11 million tons per year.

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