Tehran, Iran, July 16
By Milad Fashtami - Trend:
P&I insurance companies' contracts with Iran only covers a six-month period.
Iran's Deputy Oil minister Abbas She'ri Moghaddam said that after signing the interim deal between Iran and the P5+1 group of countries, the P&I insurance companies agreed to sign six months contracts, but they still refuse to sign long-term contracts, Iran's Mehr News reported on July 16.
"Ship insurers remain cautious saying they need to wait for the result of the talks between Tehran and the P5+1," he said.
He went on to note that increasing Iran's liquid fuel exports depends on the results of the nuclear talks.
"Liquid petroleum gas (LPG) exports are currently very important for Iran," She'ri Moghaddam explained.
Iran's LPG export experienced a huge increase during first quarter of Iran's fiscal year (March 21 - June 22). The Middle Eastern country exported about 509,000 tons of liquefied propane and 320,000 tons of butane during the mentioned period. Iran's LPG exports were almost increased by two-fold in the first quarter compared to the same period last year.
Iran's petrochemical products export value increased from $2.646 to $3.076 billion during the mentioned period. The total non-oil exports of Iran (including gas condensate) reached $11.859 billion, indicating an above 20 percent increase, while the imports $12.386 billion with above 36 percent growth.
On January 23, 2012, under pressure from the United States, the EU foreign ministers approved a round of sanctions against Iran's oil and financial sectors. The sanctions, which prevent EU member states from purchasing Iran's oil or extending insurance coverage for tankers carrying Iranian crude, came into effect on July 1, 2012.
Iran and the P5+1 group of countries sealed an interim deal in Geneva on November 24 to pave the way for the full resolution of the West's decade-old dispute with Iran over the country's nuclear energy program, Press TV reported.
In exchange for Iran agreeing to limit certain aspects of its nuclear activities, the US and its allies agreed to lift some of the existing sanctions against Tehran.