US Energy Secretary Wright: Trump administration plans to convert some sanctioned oil tankers into compliant vessels

US Energy Secretary Wright stated that the Trump administration is pushing for some sanctioned oil tankers to be converted into compliant vessels through the approval process, and investors plan to acquire idle oil tankers and refurbish them for transporting non sanctioned crude oil. Wright stated that the plan is not to lift sanctions on oil tankers transporting crude oil from countries such as Russia and Iran, but to convert the relevant vessels into legally operating vessels and ensure that they no longer transport sanctioned crude oil. There are approximately 1600 sanctioned shadow fleets worldwide, and the plan could ultimately add dozens to hundreds of oil tankers to the legal fleet.