Iran General NewsIndia instructs private firm Gesco to ship Iranian oil

India instructs private firm Gesco to ship Iranian oil

-

Reuters: India’s 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.
By Nidhi Verma

NEW DELHI, Aug 6 (Reuters) – India’s 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.

Latest news

After Coronavirus, Iran’s Regime Kills People Through Starvation

Multiple protests have recently erupted in various cities across Iran, following the 100 to 400 percent increase in the...

Requirements for a Simple Life in Iran; the Unattainable Dream

It is no exaggeration to say that Iran's economy is in a major freefall. All economic indicators are suggesting...

Sale of Iran’s Historical Items; Is There Anything Left To Sell?

Some of the members of the Iranian regime’s parliament have submitted a plan on the 'optimal use of antiquities...

Iran: Bread Protests Are on Way, Stronger Than Gas Protests

Observers in Iran believe that nationwide protests and uprisings are underway following the Iranian regime’s decision to increase the...

Iran: Tax Pressure on the People and Exemption for the ‘Super Rich’

In a critical situation where most of the Iranian regime’s officials and media outlets are warning its leaders to...

Iran’s Regime and Its Expertise in Reversing the Truth

In order to get an insight into the Iranian regime’s real behavior and culture, you first need to analyze...

Must read

Arraignment in NY in plot to kill Saudi ambassador

AP: A U.S. citizen who holds an Iranian passport...

Iran Denies Education for Student Activists

Iran Focus London, 5 Sep - The following report...

You might also likeRELATED
Recommended to you