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‘Nod for Iran crude vessels on case by case basis’

Days after one of India’s state refineries said that it could barely land a cargo from Tehran as the permission on CIF

Written by Express News Service | New Delhi | Published: August 1, 2012 1:12:47 am

Days after one of India’s state refineries said that it could barely land a cargo from Tehran as the permission on CIF (cost,insurance and freight) basis for ships carrying Iranian oil has been withdrawn,the government on Tuesday said that permission for ships carrying Iranian crude oil are being granted on a “case-by-case basis” on the request of oil PSUs.

In a statement,the Ministry of External Affairs said,that with the EU sanctions effective from July 1,there were complications as protection and indemnity (P&I) club insurance was not available for ships ferrying Iranian crude. The government granted a general exemption under CIF for such vessels.

Subsequently,national insurers agreed to extend cover to Indian ships for ferrying Iranian crude to India,the ministry said.

As a result,the general exemption stands withdrawn. As there are issues to be resolved between the insurers and the shippers,in the interim,permission for vessels on CIF basis is being granted on a case-by-case basis on the request of oil PSUs,the ministry added.

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