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NITC P&I Insurance Nearly Settled.

TEHRAN (FNA)- Managing director of the National Iranian Oil Company (NITC) said that the problem of providing Protection and Indemnity (P&I) insurance coverage to the firm's fleet is about to be resolved in near future.

International Group of P&I Club of independent insurance associations was not able to provide blanket insurance coverage to Iranian tankers or the vessels in trade relations with Iran because many of its member clubs are American insurers banned from transaction with Iran under US sanctions despite of implementation of nuclear Joint Comprehensive Plan of Action (JCPOA) and removal of insurance sanctions, said Ali-Akbar Safaei.

NITC held comprehensive negotiations with IGA member clubs to find a solution for resumption of the operation of its fleet in European markets, he said adding that upon consultations of the JCPOA team and the Ministry of Foreign Affairs the problems are more or less settled and Iranian tankers will soon be able to enter these clubs.

"Upon the settlement of the problem, we will see فاث presence of Iranian tankers in major European markets and ports," said the NITC chief.

NITC transports Iranian crude to export markets and is also responsible for the distribution of oil products to Iranian ports and island ports in the Persian Gulf.

The company, which operates the largest tanker fleet in the Middle East, also acts as an independent entity in contracts with foreign concerns for crude oil transportation based on prevailing international freight rates.

Last October, NITC director of commerce said that two major British and Swedish insurance companies are picked out from among an increasing number of foreign applicants to provide coverage to the Iranian vessels.

"Following the international political opening, numerous number of qualified international firms have approached NITC negotiating the terms of insurance policies," Nasrollah Sardashti told Shana.

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Publication:FARS News Agency
Geographic Code:7IRAN
Date:Mar 7, 2016
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