TEHRAN (FNA)- India is due to receive the first state-insured oil cargo from Iran in weeks after New Delhi joined Tokyo in offering government-backed insurance for ships carrying Iranian crude in order to bypass European sanctions against Iranian supplies.
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. This is a breakthrough for the Indian government, which has sought to maintain vital Iranian oil imports after European sanctions blocked third-party insurance in July.
The MT Omvati Prem – a tanker contracted to carry 85,000 metric tons of crude oil from Iran for Indian state refiner Mangalore Refinery and Petrochemicals Ltd. – is scheduled to arrive in India by Aug. 25, said Kowshik Kuchroo, president of shipping for Mercator Ltd., an Indian shipping company. Continue reading