Iran Increases Economic Independence

Iran is taking several steps from shipbuilding refinery construction to increasing its economic self sustainability to counter the threat of sanctions. Iran announced plans to build a gasoline refinery and celebrated the maiden voyage of the first homebuilt container ship, measures that will help lessen the impact of possible economic sanctions threatened by foreign states opposed to its nuclear program. Iran-Arak, the first Iranian-built containership, completed its maiden voyage in the Gulf this week. It was hailed as an “astounding success” by President Mahmoud Ahmadinejad. The ship cost $50 million to construct is 607 feet long, 98.4ft wide and has a top speed of 32 knots. It can sail for 25 days non-stop. Iran’s former dominance of the Persian Gulf has been overshadowed by countries like the United Arab Emirates, which has diversified its economy away from dependence on oil by moving into sectors such as shipping and aviation.
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