Beijing: The conundrum of how the Chinese might shift Iranian oil following US and EU sanctions might have been solved with local media in Tehran reporting that Iran has set up a domestic consortium to provide insurance cover for both Iranian and overseas tankers which carry Iran's oil for exports.
"A consortium consisting of the internal insurance companies led by Bimeh Iran has been set up to provide insurance cover for the oil tankers which are tasked with exporting Iran's crude and oil derivatives (products)," deputy manager of Bimeh Iran Company for technical affairs Siavash Saeedian told local media.
Iran has also said it is willing to provide insurance cover for all foreign ships too.
China likely received in the region of 20m barrels of Iranian crude in July, according to Bloomberg. EU sanctions have meant ships carrying Iranian oil have not been able to ensure appropriate P&I cover until now. [31/07/12]