Jan 31, 2014, 8:28 PM
News Code: 81019589
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NITC chief: Iranian, European insurance companies set up joint team

Tehran, Jan 31, IRNA – Managing Director of National Iranian Tanker Company (NITC) Ali Akbar Safayee announced formation of a joint team between his company and the European insurance companies to insure Iran's oil shipments.

Safayee pointed to the negotiations between Iran and the European companies to insure Iran's oil shipments, and said, 'The purpose for forming this joint team is follow-up of the manner of operations of the exported oil consignments.'

He noted that NITC is due to resume transfer of Iran’s crude to Asian buyers by its own vessels as sanctions ease following the implementation of Iran’s nuclear deal with the world powers.

“The obstacles to NITC’s services in carrying Iran crude oil to China, India, Turkey, Taiwan, Japan and South Korea according to the determined export ceiling have been removed based on Iran’s agreement with the Group 5+1 (the five permanent UN Security Council members plus Germany),” Safayee said.

On January 20, the EU Council suspended part of its sanctions against Iran according to the Geneva nuclear deal between Tehran and the Group 5+1 which was signed last November. The decision was adopted in the course of the regular monthly meeting of EU Foreign Ministers in Brussels after the International Atomic Energy Agency (IAEA) confirmed earlier in the day that Iran had halted 20-percent enrichment of uranium under the Geneva agreement.

“Based on this agreement, from now own, there will be no obstacles to insurance coverage, banking and other services related to international navigation for this company (NITC) with regards to crude oil delivery to the six destination countries (China, India, Turkey, Taiwan, Japan and South Korea) according to the determined export ceiling,” said Safayee.

The official added that NITC expects a “quick return” to the international oil market beyond the six Asian states.

Iran crude oil exports have increased in January for the third consecutive month as sanctions against Tehran are gradually relieved following the nuclear deal.