Insurance deal lets India resume shipping Iran oil

Oil   Policy
By Erika Kinetz on August 13, 2012

MUMBAI, India (AP) — India has joined Japan in offering government-backed insurance for ships carrying Iranian crude in order to bypass European sanctions that have nearly halved Iranian oil exports to key markets.

The first Indian ship to carry oil from Iran with Indian insurance is scheduled to load up in Iran on Wednesday, a shipping company executive said Monday. This is a breakthrough for the Indian government, which has scrambled to maintain vital Iranian oil imports after European sanctions blocked third-party insurance in July.

Tags: 
India
Japan
Iran oil sanctions
oil tanker insurance
European Union
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