Baku, Azerbaijan, April 14
By Fatih Karimov - Trend: Iranian insurance firms have insured Iranian oil tankers after the Geneva nuclear deal.
No foreign company has accepted to provide insurance services to Iranian tankers four months after the deal, Iran's Fars news agency reported on April 14.
Foreign companies say it is not justified for them to provide insurance services just for a period of six months.
Iran and the world powers reached a breakthrough agreement in November over Tehran's disputed nuclear program that allowed the Middle Eastern nation to continue oil shipments at current levels of about one million barrels per day.
International sanctions on Iran have made it difficult to insure refineries and ships involved in trade with Iran and forced Indiato settle 45 percent of oil payments in rupees through the state-owned UCO Bank while refiners are withholding the remainder.
India is the second-biggest market for Iranian oil after China andIndia. Iran and India last week held discussions on ways to settle oil trades in hard currencies like dollars and euros. However no mechanism has been finalized yet.
Edited by C.N.