Friday, July 27, 2012

India bans Iranian ships in Indian waters

In a move which will make problems for the Oil Marketing Companies(OMC) Indian government stopped providing cost, insurance and freight (CIF) approval. Crude oil imports from Iran are possible only if state insurers like General Insurance Corp. (GIC) provide insurance cover for ships carrying Iranian crude. However, government resolution is still pending in the matter for sovereign guarantee for ships.

Worth reading