Iran has reaffirmed its commitment to provide insurance to both Iranian and foreign ships carrying its crude oil in an effort to skirt the EU sanctions, Seatrade Asia online reports.
The insurance will be available through a new multi-billion-dollar line of state credit, according to Mohammad Ali Khatibi, Iran's Opec representative.
“Iran is ready to give total insurance for the transport of its oil... and the commitments by Iranian insurers are no different from those by Western insurers and therefore all risks and dangers are insured,” he was quoted saying in a state-run newspaper.
Crude oil buyers also have the option of using Iran's fleet of 47 oil tankers or their own, he added.
The Iranian government had given central state insurance agency Bimeh Markazi a line of credit worth several billion dollars to insure the tankers, reports said.
European insurers accounted for 90% of coverage for Iran before the sanctions took effect on 1 July 2012.
Before the EU sanctions, Iran exported around 2.5m barrels of oil per day. Estimates suggested the country's exports have fallen to around 1.5m barrels per day.
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