Economics
Iran Tanker Co. Close to Getting New Insurance to Ship More Oil
- Kish P&I, backed partly by Iran, has been providing coverage
- Shipping insurance is one of three requirements still needed
This article is for subscribers only.
The National Iranian Tanker Co. is close to obtaining new insurance needed to boost crude exports and resume trade with old customers after four years of sanctions.
NITC has been negotiating with foreign organizations for the past six months to get its vessels classified, insured against risks like oil spills and registered internationally and is “close to an agreement,” Nasrollah Sardashti, director of commercial affairs, said in an interview Tuesday in Tehran. All three are needed for Iran to be acceptable to previous major buyers, including those in Europe, he said.