NIOC Official: 90% Iran's Exported Crude Provided With Insurance Coverage

Tehran, Oct 14, IRNA – Director of International Affairs Department of the National Iranian Oil Company (NIOC) Mohsen Ghamsari says Iran has provided insurance coverage for 90 percent of its exported crude oil. Ghamsari said presently, Iranian insurance consortium have extended insurance coverage to more than 90 percent of exported crude consignments. He added that in the past years, Iran formed a domestic consortium for insurance of its oil tankers. “Fortunately, the consortium in the past two years has managed to insure Iranian oil consignments and there is no problem with insurance of its ships used for oil exports.” He said usually, the number of insurance companies in the world is very limited and mostly belong to the US or its allies. “So, insurance industry is highly affected by political conditions.” Ghamsari said Japan is the only customer of Iranian crude oil consignments, adding that it would insure its oil consignments itself. He said that refineries in many other countries are now interested in Iranian crude oil due to its high quality. “Of course we are facing oversupply on the international oil markets but the market is not strong enough,” said Ghamsari, adding that given recent claims of certain refinery officials of the world, especially those in the Mediterranean littoral states, it seems that the refineries have pinned hope on return of Iranian oil to their countries./end