Wednesday Jul 18, 201207:36 AM GMT
Iran will offer insurance coverage to all ships in its waters: Official
Managing Director of Iran
Managing Director of Iran's Ports and Maritime Organization Seyyed Ata'ollah Sadr has announced a plan that would cover all Iranian and foreign ships entering the country’s waters.
Wed Jul 18, 2012 7:35AM
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In line with providing marine insurance coverage for ships and defying [the US-engineered] sanctions, we accept responsibility to insure any ship that enters Iranian territorial waters.”

Managing Director of Iran's Ports and Maritime Organization Seyyed Ataollah Sadr

Iran's deputy transportation minister and managing director of the country’s Ports and Maritime Organization (PMO) has announced a plan that would provide insurance coverage for all Iranian and foreign ships entering the country’s waters.


“In line with providing marine insurance coverage for ships and defying [the US-engineered] sanctions, we accept responsibility to insure any ship … that enters Iranian territorial waters,” said Seyyed Ata’ollah Sadr on Tuesday in the Caspian Sea Port of Amirabad.

He added that, to avert maritime insurance limitations devised by the enemy, the Islamic Republic has taken measures in collaboration with Iranian insurance firms to provide the required coverage for all ships that gain entry to the country’s waters.

Sadr further announced the investment of 5,000 billion Riyals ($410 million) in the Amirabad commercial harbor on the sidelines of an inauguration ceremony of a new 25,000-ton grain transit silo at the port, adding that its current capacity stands at 4.5 million tons, which will climb to 10 million tons during the next phase of its development plan.

Additionally, Sadr put the current estimate of the capacity of cargo loading and unloading at Iran's northern sea ports at 20 million tons, saying it would increase to 50 million tons following the fifth development plan.

The Islamic Republic’s maritime official also stated that the present share of Iranian shipping in the Caspian Sea stands at 25 percent which is set to double by the end of the Fifth Five-Year Development Plan (2015), provided that more ships are added to the country’s maritime shipping lines.

Under US pressure, the European Union (EU) implemented sanctions against Iranian oil and financial sectors on July 1.

The US-engineered sanctions bar some EU member states from purchasing Iran's oil or extending insurance coverage for tankers carrying Iranian crude.

Washington has also imposed its own embargo on Iranian oil, penalizing other nations for purchasing or selling the country’s crude. The new US sanctions took effect on June 28.

The US-led bans are intended to exert pressure on the Islamic Republic over its nuclear energy program, which Washington, the Israeli regime and some of their allies claim may include a non-civilian diversion.

Iran has vehemently rejected such allegations, arguing that as a committed signatory to the nuclear Non Proliferation Treaty and a member of the International Atomic Energy Agency, it is entitled to use nuclear technology for peaceful objectives.

MFB/GHN/HJL
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