1 1 — latest position of NITC tanker

1 1 - latest position of NITC tanker fleet Tankers at service Tankers ordered New building planned projects 2 - LNG vessels required for South Pars LNG Phases 3 - Developments underway in petrochemical industry of Iran Volume of petrochemicals available for export New chemical tanker fleet 4 - Tanker shipping facing great change at Caspian Sea project for construction of 63000 DWT tankers high capacity Caspimax Tankers 5 - New fertile grounds for cooperation

2 units Unit Capacity DWT Total Capacity DWT VLCC 15 300, 000 4, 500, 000 Suezmax 5 158, 000 790, 000 Aframax 5 98, 000 490, 000 Total 25 --- 5, 780, 000 panamax 2 70, 000 140, 000 Product Carrier 1 25, 000 LPG Carrier 1 7000 Total 4 --- Newly built Tankers Old Tonnage Tankers G , Total 29 172, 000 5, 952, 000

3 Type of Vessel Builder No of units Unit Capacity Total Capacity DWT Remarks Product Carrier HMD 3 35, 000 105, 000 Under construction Product Carrier ISOICO 2 35, 000 70, 000 Under construction SADRA 3 63, 000 189, 000 Under construction Krasnye Barrikady 3 63, 000 189, 000 Under construction 0 rdinary caspimax SADRA 5 105, 000 525, 000 Financing stage Aframax SADRA 1 5, 000 Sea Trial Total --- 17 --- High tonnage 1, 083, 000 ---

4 Type of Vessels Suezmax LNG Carriers Chemical Tankers No of units 2 12 Unit Capacity DWT 160, 000 M 3 = Delivery Total Capacity Target 320, 000 2008 To be owned by NITC 840, 000 2008 joint venture Under study 2008 joint venture 70, 000 M/T 22 different Capacity Status

5 ISO 9001 INTERNATIONAL STANDARD ORGANIZATION (Quality mgt. ) ISM INTERNATIONAL SAFETY MANAGEMENT ISO 14001 INTERNATIONAL ORGANIZATION ENVIRONMENT mgt. PMS PALNNED MAINTENANCE SYSTEM CBM CONDITION BASE MONITORING GAC GREEN AWARD CERTIFICATE STCW TRAINING CERTIFICATE AND WATCH KEEPING ISPS INTERNATIONAL SHIP AND PORT SECURITY GOLD MEDAL AWARDED BY FOUNDATION FOR EXCELLENCE IN BUSINESS PRACTICE IN ADDITION TO THE ABOVE THERE ARE 24 ADDITIONAL MARITIME CERTIFICATIONS, ACHIEVED BY NITC IN CONNECTION TO HER NAUTICAL EQUIPMENT AND CARGO HANDLING SYSTEM.

6 Year No of voyages Distance Steamed (Nautical mile) Oil Carried M/T 2001 187 1, 057, 000 54, 800, 000 2002 195 1, 035, 000 52, 240, 000 2003 193 1, 107, 000 66, 000 Note 1 : as shown in the above table, the performance of NITC fleet during the year 2003 has been 26 percent more efficient rather than previous year. Note 2 : more than 80% of NITC operation has been related to international trade.

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8 Ethylene & propylene Propane & Butane Ammonia Other chemical Liquids 2004 841 1, 705 152 3, 116 2007 970 4, 824 706 10, 171 2010 1, 913 5, 604 1, 231 16, 005 Year Destinations : Far- East / Europe / South East Asia India / Pakistan

9 Year Export M/T No of Vessels Required 2004 5, 814, 000 47 2007 16, 285, 000 116 2010 24, 753, 000 184 Fleet operation *Construction of 15 % of required chemical tankers will be ordered by Pars Petrochemical Shipping Company. * This project has planned to be under established venture. been operated joint

10 Gas Condensate Production b / pd MM 3 / pd Phases (Year) Partners Progress 1 (2002) PETROPARS %100 25 2+3 (2003) TOTAL / PETROPARS GASPROM %100 4+5 (2006) PETROPARS –ENI 6+7+8 PETROPARS 9+10 (2007) LG/OIEC/ IOEC 11+12+13+14 BP/ Reliance Shell /Total FE/ Repsol (2008) /Petronas…. 15+16 GASPROM (2010) (Negotiating) 17+18+19+20 (2010) To be Selected Sulfur T / pd Market 40000 200 Domestic 50 80000 400 Domestic % 40 50 80000 400 Domestic % 10 75 120000 600 Oil wells injection %2 50 80000 400 Domestic /export Tendered out 140 214000 1120 To be liquefied as LNG for Export Under Preparation 50 80000 400 Domestic / Export Under Planning 100 160000 800 Domestic / Export

11 Annual Production Quantity Natural Gas Condensate 143 MM Ton 40 MM Ton LPG Sulphur Total 8 MM Ton 20 MM Ton 211 MM Ton Iran, s annual oil production (based on 4 Million bpd) 200 MM TON

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13 PROJECT NAME IRAN LNG PLANT CAPACITY SHARE HOLDERS 8 MILLION TON PER YEAR NIOC 40 % BP/RELIANCE 60% TARGET MARKET INDIA PARS LNG 8 MILLION TON PER YEAR NIOC 40% TOTAL FINA ELF/ PETRONAS FAR EAST CHINA, JAPAN& KOREA PERSIAN LNG 8 MILLION TON PER YEAR NIOC 50% REPSOL/SHELL 50% EUROPE NIOC LNG 8 MILLION TON PER YEAR NIOC 100% NOT YET DECIDED

LNG VESSELS REQUIRED BY SOUTH PARS GAS FIELD FROM ASSALUYEH TO 14 JAPAN KAWAGOE KOREA PYOGTAKE CHINA SHENZHEN INDIA DABHOL TAIWAN UIMG-AN DISTANCES IN (NAUTICAL MILE) 6, 503 6, 166 5, 110 1, 040 5, 235 ROUND VOYAGES (DAYS) 30 28 24 NO OF VAYAGES (PER YEAR) 12 14 15 45 14 712, 753 836, 394 889, 729 7, 715, 855 870, 334 11 10 9 3 9 45 38 36 12 37 DELIVERYCAPACITY PER SHIP P. A : ( M. T) NO OF VESSELS REQUIRED FOR EACH LNG PHASES (8, 000 TON LNG) LNG REQUIRED FOR LNG PHASES TOTAL (AVERAGE) 34 LNG Vessls

DISTANCE TABLE FOR CASPIAN SEA PORTS , N/M Noushahr Turkmenbashi Aktau Cheleken Aladja Dubendi Makhachkala 265 300 240 180 250 166 235 90 265 Astrakhan 328 Bandar Anzali 174 605 Neka 265 702 Okarem 300 205 77 Noushahr 240 115 85 Turkmenbashi 180 Aktau 250 Cheleken 605 280 187 205 115 77 187 85 383 198 422 162 150 138 409 82 215 425 180 188 198 215 422 425 166 162 180 Aladja 235 150 Dubendi 90 200 235 Makhachkala 265 160 410 Bautino 383 Bautino Okarem 174 Neka 328 Bandar Anzali Astrakhan Baku 16 556 82 255 200 235 188 160 410 556

STEAMING TIME BETWEEN CASPIAN SEA PORTS 17 (AT SPEED OF 13 KNOTS) Noushahr Turkmenbashi Aktau Cheleken Aladja Dubendi Makhachkala 21 23 19 14 19 13 18 7 21 Astrakhan 25 Bandar Anzali 14 47 Neka 21 54 Okarem 23 16 6 Noushahr 19 9 7 Turmenbashi 14 Aktau 19 Cheleken 47 22 15 16 9 6 15 7 30 15 33 13 12 11 11 32 7 17 33 14 15 15 17 33 33 13 13 14 Aladja 18 12 Dubendi 7 16 18 Makhachkala 21 13 32 Bautino 30 Bautino Okarem 14 Neka 25 Bandar Anzali Astrakhan Baku 43 7 20 20 16 18 15 13 32 43

Table 2. Caspian Sea Region Oil Production and Exports (Thousand Barrels Per day) 18 Country Production (2001( Local consumption Exports (2001( Possible Exports (2010( Azerbaijan 311. 2 136 175. 2 1, 000 Kazakhstan 811 180 631 1, 700 Iran* 0 0 0 Under study Russia** 11 4 7 300 Turkmenistan 159 52 107 150 Total 1, 292. 2 372 920. 2 3, 150 Source: Energy Information Administration • only the regions near the Caspian are included ** includes Astrakhan, Dagestan, and the North Caucasus region bordering the Caspian Sea •

LATEST PREDICTION ON SWAP VOLUME SUPPLIES (TOTAL 370, 000 BBLS/DAY) 19 FROM KAZAKHSTAN : 180, 000 bpd FROM FEDERATION OF RUSSIA : 110, 000 bpd FROM TURKMENISTAN : 80, 000 bpd SIZE OF VESSELS REQUIRED OIL TANKERS REQUIRED : : 63000 DWT 6 UNITS 63, 000 DWT SHIPYARDS ASSIGNED TO BUILD NEW TANKERS : SADRA, NEKA –IRAN KRASNYE BARRIKADY , ASTRAKHAN- RUSSIA

20 DWT Shipyard Delivery 1 -Iran Saleh 63000 Sadra 2005 To be operated by (J. V. ) 2 -Iran Saber 63000 Sadra 2006 To be operated by (J. V. ) 3 -Iran sadegh 63000 Sadra 2006 To be operated by (J. V. ) 4 -Iran KARIM 63000 K/Barrikadi 2005 To be operated by (J. V. ) 5 -Iran kamal 63000 K/Barrikadi 2005 To be operated by (J. V. ) 6 -Iran kateb 63000 K/Barrikadi 2005 To be operated by (J. V. ) 7 -Iran neka 5000 Sadra 2004 Delivery under process Vessel Total Capacity : Status (Date) 382, 800 DWT

LODING & DISCHARGING OPERATION , USING S. A. L. OFFSHORE SYSTEM 21

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GENERAL ADVANTAGES OF 23 63, 000 SHUTTLE TANKERS PROJECT 5 - DEVELOPES STRONGER CULTURAL COMMERCIAL & POLITICAL TIES IN THE REGION. 6 -GAINNING RECIPROCAL PROFIT FROM SHIPPING & SWAP PROJECT. 7 -EXPANSION OF COMMERCIAL TIES & PROMOTING TRADES IN THE REGION.

24 1 - The rapid developments in oil and gas activities underway in Iran, a considerable number of oil , Petrochemcal and LNG vessels will soon be required for transportation of such products to International markets. 2 - NITC is prepared to cooperate with the shipping companies involved in the oil and gas operation of the region so as to secure highest safety and quality standards as required for an advanced shipping. 3 - We welcome all interested parties to enter joint venture with NITC for the envisaged projects relating to LNG , Petrochemicals transportation.