Government can insure ships carrying Iranian oil: Wei

Beijing: Cosco boss Wei Jiafu has said the Chinese government could mirror Tokyo and New Delhi and provide insurance guarantees for Chinese tankers carrying Iranian oil.

A European Union (EU) oil embargo, which took effect on July 1, bans European firms which dominate the marine insurance sector from insuring Iranian shipments.

"We need to wait until the insurance issue is solved. We are pushing for a solution right now. Without insurance cover, we wouldn't dare to ship oil from Iran," Wei Jiafu, state-owned COSCO Group's chairman, told Reuters on the sidelines of a conference.

"Japan has set a precedent, we can just follow their lead."  [18/07/12]

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