Indian government approves Iranian P&I ship insurance cover

Jul.7--INDIA has extended its approval to two Iranian insurers to offer P&I (protection and indemnity) insurance to tankers calling at Indian ports until June 26, 2016, reports London's Tanker Operator.

A government notification said the previous six-month extension to Kish P&I Club and Qeshm International Trust Alliance P&I, formerly known as Qita P&I Club, lapsed on June 26 this year.

The extension should help India receive its crude imports in Iranian vessels, while exports of non-oil commodities and industrial goods are largely handled by vessels operated by Hafez Darya Arya Shipping Co.

India, the world's fourth-biggest oil consumer and Iran's top client after China, shipped in 66 per cent more oil from Iran in May from a year ago.

European union sanctions against Iran from July 1, 2012, bar members of Europe-based International Group of P&I clubs from insuring Iranian oil and other shipments, leading to the emergence of new,N untested insurance providers.