Finance and InsuranceMiddle East

Iran nuclear deal likely to see ship insurance ban lifted

Dubai: Iran’s nuclear deal should see a partial lifting of the European shipping insurance ban.

“Based on this deal, Iran’s crude oil exports will not decline and our customers will be able to purchase oil from Iran without any anxiety and they will not have to look for alternatives,” Ali Majedi, deputy minister for international affairs and trading, told oil ministry news service Shana.

“No new sanctions will be slapped on Iran’s oil industry in the coming six months and our customers can clinch term contracts with Iran instead of spot oil consignments purchased from National Iranian Oil Company.”  [26/11/13]

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