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Thursday, January 17, 2013
Sources: Iran Charters Oil Ship with Indian Insurance

Sources: Iran Charters Oil Ship with Indian Insurance
News number: 9107136393 19:05 | 2013-01-16
http://english.farsnews.com/newstext.php?nn=9107136393

TEHRAN (FNA)- An Indian insurance scheme has allowed Iran's state-run tanker
company NITC to bolster oil exports by chartering a vessel insured by
India's state-run firms, industry and shipping sources said.

The National Iranian Tanker Company (NITC) has for the first time chartered
an Indian vessel covered under a scheme arranged by New Delhi through
state-run insurers, Reuters reported on Tuesday.

NITC has chartered the vessel the Omvati Prem, owned by Mumbai-based Indian
shipper Mercator Ltd, and used it to carry an oil cargo that sailed from
Iran in December for Indian refiner Mangalore Refinery and Petrochemicals
Ltd, the sources said. The deal included cost, insurance and freight (CIF),
they said.

Use of the scheme effectively transfers the liability for any damage or
spill to India's state-run insurers, and ultimately to New Delhi. When NITC
uses its own vessels, the liability stays with its Iran-based insurer.

The government arranged emergency cover that was meant for use by Indian
flagged vessels chartered by local refiners.

Before NITC chartered the Omvati Prem, MRPL had used the vessel, which can
carry about 635,000 barrels, to import Iranian crude.

MRPL is India's biggest buyer of Iranian crude and did not charter the
vessel for this voyage due to commercial and technical reasons, one source
said.

Another shipping source privy to the deal said Omvati Prem discharged in
Mangalore on January 8. Mangalore Port's website showed the vessel arrived
on January 7.

One of the sources said NITC had chartered the Omvati Prem for about two
months.

"Iran offered Mercator a better rate than MRPL, that's why they have taken
the risk of joining hands with NITC," another shipping source said.

Iran is the second largest oil supplier to India after Saudi Arabia; India
imports an average 400,000 barrels per day of oil from Iran that accounts
for almost 12% of country's total import.

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