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Iran generated $844 million in 8 months through the bunkering of ships, local firm Mehr News Agency reports.

According to the data, Iran is on course to earn around $1.2 billion by the end of the Iranian calendar year, which will be on March 20th 2010.

The latest annual estimates are $0.7 billion less than the $1.9 billion earnt through bunker sales of 2 million tonnes during the previous Iranian calendar year, which ended on March 19 2009.

The recently-published bunker sales statistics cover the 8-month period ending on October 22nd 2009 and includes the bunkering of ships in the Sea of Oman and the Persian Gulf region.

Iran's market share of bunkering in the Sea of Oman and the Persian Gulf is estimated to reach 20-25 percent by the end of the year.

In September, Iran was reported to have sold almost 1.33 million tonnes of residual fuel between end-March and end-August compared to 1,098,000 tonnes during the same period last year, which represented an increase of 30 percent.

Meanwhile, 64,000 tonnes of marine gas oil was sold in the aforementioned period, which was 78 percent more than last year's figure of 36,000 tonnes.

However, despite the increase in bunker volumes for both residual fuel and distillates, actual revenue generated decreased in comparison with the $705 million earnt during same period last year when bunker prices were at record levels as a consequence of the surge in crude oil prices with WTI crude peaking at $147.27 per barrel in July 2008.