Baku, Azerbaijan, May 31
By Fatih Karimov - Trend:
India has extended the approval for Iranian ship underwriters to provide insurance for ships docking at Indian ports for a year, said Mohsen Hassanlou, the managing director of Iran's QITA P&I Club.
The permission was extended for a year by June 26, 2016, Iran's Fars news agency quoted Hassanlou as saying on May 31.
The permission was used to be extended in 3-month and 6-month periods, but QITA P&I Club managed to extend it for 12 months, he noted.
An earlier six-month approval by India for Iran's Kish P&I Club and QITA P&I Club to provide cover to Iranian ships docking at Indian ports started on December 27, 2014.
India, the world's fourth-biggest oil importer, has struggled to get tankers and insurance for transporting oil from Iran after the United States and the European Union imposed sanctions on Tehran from July 2012.
The Western sanctions targeting Iran's nuclear program prohibited European companies from providing storage or transport vessels for Iranian oil and petrochemical products, effectively preventing European insurers from covering oil tankers transporting Iranian oil.