PSU PRESS RELEASE
Shipping Corporation of India to resume sailing to Iran
MUMBAI. Shipping Corporation of India (SCI) will resume sailing to Iran this month after a four-year gap, transporting an oil cargo for a state-run refiner, the chairman of India's biggest shipping company said yesterday.
The news sent SCI shares trading on a weak Mumbai market up about 9 percent, marking the biggest percentage rise for the shipping company since September, 2015.
SCI will this month use one of its Suezmax-sized tankers to ship an oil cargo for state-refiner Hindustan Petroleum Corp Ltd (HPCL) from Iran.
"It is not yet decided ... which SCI-owned vessel is going to Iran," Sinha said. SCI had contracts with HPCL, Bharat Petroleum Corp (BPCL) and Mangalore Refinery and Petrochemicals Ltd to ship crude from Iran, he said.
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