Tag: Iran

Iran offers India fully insured oil tankers

$402,000 penalty assessed for violating Iran sanctions

For state-run refiner MRPL The shipping ministry has told private company Great Eastern Shipping Co (Gesco) to supply tankers to import Iranian oil for state-run refiner MRPL, which had to slash imports from Iran in July because the shipper was unwilling to carry them.Mangalore Refinery and Petrochemicals (MRPL), Iran's biggest Indian client, has an annual contract with Gesco through Transchart, an agency of the federal shipping ministry.But Gesco refused last month to lift cargoes for MRPL because of the lack of insurance cover after European sanctions came into effect barring insurance and reinsurance for Iranian shipments.An industry official, with access to a letter sent by the shipping ministry to Gesco on Monday, said it made clear India had now allowed state-run insurers to provide some cover for Iranian shipments and told the company to provide vessels for MRPL."Finance ministry has notified insurance policy for Iran oil imports on July 30, 2012," the industry official said."You (Gesco) are requested to arrange for the necessary insurance cover immediately and nominate suitable vessels to MRPL/Transchart for loading Iran crude oil under the CoA (Contract of Affreightment)," the official quoted the letter as saying.Gesco, the country's biggest private shipper, said it has not yet ...

Iran has become Syria's main crude oil buyer Iran has become Syria's main crude oil buyer, helping Bashar Al-Assad's flailing government to circumvent Western sanctions, as Iranian tankers have returned for a third time since April, shipping industry sources said.Although Tehran already finds it difficult to sell its own crude under sanctions, two of its ships picked up Syrian oil late in July following a smaller purchase at the start of the same month.Asia is the likely destination for the Syrian oil but the sources said it remained unclear where the previous cargoes ended up.Iran sells its own crude to only a handful of buyers compared to its previous client list. China, India, Japan, Turkey have still been buying after overcoming shipping obstacles and South Korea will probably resume next month.The MT Tour and MT Amin, two tankers under the flag of Sierra Leone and owned by Islamic Republic of Iran Shipping Lines (IRISL), which is under United Nations sanctions, lifted around 140,000 metric tons each of Syrian Heavy crude from the Syrian port of Tartous in the last few days of July.The Tour is now moving through the Suez Canal and heading to the Gulf of Oman while the ...

Iran launches its first home built oil tanker

Iran Returns Sanction Fight to Gulf Shipping Lanes

UANI Applauds ClassNK for Ending its Work in Iran

Iran offers to insure foreign ships in Iranian waters

Japan insurers expand cover to boost Iran oil shipping capacity

Nuclear-related economic sanctions on Iran and restrictions on its trading partners imposed by the European Union and the United States continue to cause distress to Indian shipping companies.