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Iran extends insurance, ships to India for oil export
After the US sanctions against buyers of Iranian crude come into effect in November, Iran has reportedly decided to start providing ships and insurance cover to Indian buyers importing its crude.
The US, which in May pulled out of a landmark nuclear deal and said sanctions will be re-imposed on Iran within 180 days, has threatened to cut off access to the American banking system for foreign financial institutions that trade with Iran. This has resulted in European re-insurers refusing to give insurance cover to firms importing Iranian oil. It is because of this reason that Iran has started providing shipping insurance.
It is also learnt that Iran will use its own ships to transport oil to India as not many shipping lines participated in the recent tenders for movement of Iranian oil, reports said.