These measures were a part of government long-term policy to develop the transit sector and activate the North-South Transit Corridor. All port terminals are currently run by private companies. Development Negotiations for building six Panamax bulk carriers and 10 Handymax bulk carriers with the capacity of have been finalised with Iran Shipbuilding & Offshore Industries Complex Co. (ISOICO) and SADRA shipyards respectively and if the prices are finalized, total value of contracts signed with domestic shipyards will surpass $600 million. To support domestic industries, manufacturing containers inside the country has been encouraged. The first such contract, worth $10 million, was signed in 2001. It called for the production of worth of containers and, so far, 1,600 containers have been delivered. As per IRISL's director, Iran needs to purchase or build 40 vessels by 2009. Over the next two decades, Iran would also need 500 new ships, including 120 oil tankers, 40 liquefied natural gas (LNG) carriers and over 300 commercial vessels. In 2009, in a move aimed at further enhancing Iran's shipbuilding industry, President Mahmoud Ahmadinejad said he will ban the purchase of foreign ships by Iranian organizations. Moreover, various kinds of industrial lubricants have been produced by Pars Oil Company as well as Behran Oil Company and, at present, about 70% of the lubricant needed by the fleet is supplied domestically. In October 2006, a new company has been established in the southern port city of Bandar Abbas to repair various types of ocean liners. According to ISNA, the Bandar Abbas Pars Ship Repairing Company has been formed jointly by IRISL and ISOICO. The plant has the capacity to carry out maintenance works on large vessels with 500,000-ton capacity. In addition, profitability of the company has been on the rise despite elimination of state subsidies as a result of adopting a cost management, planned maintenance strategy, so that, the company's net loss which amounted to $15 million in 1999 has been turned around to more than $150 million profits during the 2003–04 fiscal year. According to the article 44(C) of the Iranian Constitution, IRISL is ready for privatization. In 2016, IRISL ordered 10 ships by Hyundai Heavy Industries Co. for the amount of $700 million, instead of placing the order with its domestic naval industry. International sanctions IRISL is under sanctions by the United States, the United Nations, the European Union and other parties. The United States implemented the