Iran estimates $40 billion windfall from reopening Hormuz with Gulf states

Source: msn/WSJ

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MANAMA, Bahrain—Iran is pushing to make billions of dollars from the Strait of Hormuz as the regime positions itself to manage the global oil artery it severed at the start of the war.

The Islamic Republic estimates that charging for security, safety and environmental services in the strait would bring in $40 billion a year in revenue for states involved, according to officials familiar with the matter. The idea, if implemented, would give Tehran cash flow and control that it didn’t command before the war.

The regime is looking to models around the world, including the Dardanelles, the officials said, where Turkey charges ships a tax known as the gold franc for passage to and from the Aegean Sea through the international waterway. To get buy-in, Tehran is pitching the idea to the wider Middle East and as far afield as Beijing, according to Iranian officials. It wants its Persian Gulf neighbors to be part of the agreement and share the revenue, they said.

“Everyone needs to know that management of the strait will never return to the way it was before,” said Iran’s chief negotiator, Mohammad Bagher Ghalibaf, during a visit to Oman on Tuesday to discuss the proposed arrangements with its neighbor across the waterway.

Read more: https://www.msn.com/en-us/news/world/iran-plans-to-make-billions-in-fees-from-reopening-the-strait-of-hormuz/ar-AA26wU93