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Iran To Insure Foreign Cargo Ships

by Lorys Charalambous, Tax-News.com, Cyprus

29 November 2012


The Iranian Ports and Maritime Organization (PMO) has announced that it will begin to provide insurance to foreign ships calling at Iranian ports.

The Organization's Managing Director, Seyyed Ata'ollah Sadr said the insurance would be offered by Iranian insurers under a public-private partnership. This partnership is being launched due to sanctions imposed on Iran by Western countries, which have caused foreign insurance companies to withdraw from providing insurance to ships carrying cargo to Iranian ports.

The Ports and Maritime Organization stated: "Iran is prepared to make every effort to maintain the flow of cargo to its ports and bypass western sanctions."

The Organization said despite the sanctions, the volume of cargo transiting through Iranian ports "has had a dramatic growth this year."

"Sanctions against Iranian ports have not deterred PMO to stop making investment for developing its port [including the just-opened transit silo in Amirabad port]. Due to the strategic position of the Iran port in the Persian Gulf, it is essentially impossible to remove the role of Iran from cargo trading in the region."

TAGS: marine

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