"A consortium consisting of the internal insurance companies led by Bimeh Iran (insurance company) has been set up to provide insurance cover for the oil tankers which are tasked with exporting Iran's crude and oil derivatives (products)," Deputy Manager of Bimeh Iran Company for Technical Affairs Siavash Saeedian told FNA on Monday.
Iran has also voiced preparedness to provide insurance cover for all foreign ships and oil tankers.
In relevant remarks on Sunday, a senior Iranian official voiced Iran's preparedness to provide insurance cover for all foreign and Iranian ships and oil tankers, in a move to push back the US-engineered EU embargos against Tehran, and said Iran has managed to break Europe's monopoly on the shipping insurance industry.
"The sanction imposed by the foreign insurance firms made us launch Iranian insurance of P&I and this has been gifted to us by the sanctions," Managing-Director of the Islamic Republic of Iran Shipping Lines Mohammad Hossein Dajmar told .
"Before this, the Europeans had the monopoly of shipping insurances and a few number of countries owned the insurance firms and coverage but we have now succeeded in starting Iranian shipping insurance through government's cooperation," he added.
European Union sanctions against Tehran have stopped European insurers, who dominate the marine insurance sector, from offering cover on Iranian crude.
But the lack of shipping cover has failed to disrupt the flow of Iranian oil to Iran's major customers in Asia - China, India, South Korea and Japan.
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An Iranian insurance official announced on Monday that the country has set up a domestic consortium to provide insurance cover for the oil tankers which carry Iran's oil for exports.
News ID 182326
