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Iran ready to provide full insurance for tankers carrying its oil: NIOC official

Source: Press TV

A senior official at the National Iranian Oil Company (NIOC) says Iran is prepared to provide full insurance coverage for both Iranian and foreign tankers shipping its oil.

An Iranian Oil Tanker (file photo)

"Buyers of Iran's oil have two options. They can either use their own tankers to ship the purchased oil or they can hand over this task to the Iranian fleet," Mohammad-Ali Khatibi, NIOC's director for international affairs, said in an interview with Iran newspaper on Saturday.

"Iran is fully prepared to provide complete insurance coverage for the transport of its oil. The commitments undertaken by the Iranian insurers are no different from those of Western insurance firms and all risks and hazards are covered," he added.

National Iranian Oil Company (NIOC)

Khatibi said that Western companies previously accounted for 90 percent of insurance coverage for tankers shipping Iran's oil, adding that Western insurance companies are the main losers of anti-Iran sanctions as they have lost a huge source of revenue.

Meanwhile, an informed official of the Iranian insurance industry noted that the Iranian government has allocated a multi-billion-dollar line of credit to insuring its fleet of Iranian tankers.

On July 1, the European Union sanctions, adopted under US pressure, against Iran's oil and financial sectors entered into force.

The sanctions prevent EU member states from purchasing Iran's oil or extending insurance coverage to tankers carrying the Iranian crude.

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