Athens: India has granted a one-year extension to its approval of two Iranian P&I clubs covering boxships and tankers calling at Indian ports.
Kish P&I Club and Qeshm International Trust Alliance P&I (formerly Qita P&I Club) will have their approval periods extended, which should pave the way for more imports of Iranian crude into India, Reuters reports.
In May this year, India imported 66% more crude from Iran than in the same month last year.
Europe’s International Group (IG) of Protection and Indemnity (P&I) are prevented from insuring Iranian oil tankers and other vessels by EU sanctions.
Negotiators from Iran, Europe, the US and Russian are meeting in Vienna today to discuss a new trade sanctions relief deal in exchange for a halt in Tehran’s nuclear programme.