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. 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, untested insurance providers.
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