TEHRAN (FNA)- Iranian insurance company, Bimeh Kosar, will soon start providing insurance coverage for the launch of Iranian satellites and Iranian oil cargoes, a company official announced on Saturday.


"Providing insurance coverage for satellite launch is one of the things Bimeh Kosar is proud of," Manager of Bimeh Kosar in the Southern province of Hormozgan Peiman Nazaridoust told reporters on Saturday, adding that providing such coverage "is unique in the Middle-East".

The Islamic Republic, which first put a satellite into orbit in 2009, has outlined an ambitious space program and has, thus far, made giant progress in the field despite western sanctions and pressures against its advancement.

Former Iranian President Mahmoud Ahmadinejad announced in 2010 that Iran plans to send astronauts into space in 2024. But, later he said that the issue had gone under a second study at a cabinet meeting and that the cabinet had decided to implement the plan in 2019, five years earlier than the date envisaged in the original plan.

Nazaridoust also referred to Bimeh Kosar's plans to insure the oil cargos exported by Iran to the foreign states, and said, "Providing insurance coverage for Iranian oil cargos (from the origin) to their destination is a main service to be provided by Bimeh Kosar."

He said 14 Bimeh Kosar offices in Hormuzgan province will be ready to provide various services, including insurance for Iran's crude cargoes.

In relevant remarks today, the National Iranian Oil Company's director for international affairs said more than 90 percent of Iranian oil cargoes enjoy domestic insurance coverage.

Seyed Mohsen Qamsari said a consortium consisting of Iranian insurance companies provide insurance for oil export cargoes, a procedure that customers have expressed satisfaction with.

"Fortunately the consortium has been able to provide insurance coverage over last couple of years successfully so that NIOC faces no problem in view of providing insurance for Iranian oil tankers," he said.

"There are few insurance companies operating across the world which either belong to the U.S or are affiliated to the country and that is why the industry is affected by political circumstances," he said.

According to him, Japan is the only Iran’s oil customer that has its own insurance coverage for oil cargoes.

Qamsari said that new political atmosphere has led to optimism in the market generally and has raised hope among those refiners have been using Iran’s crude oil traditionally.

He said oil refineries in different countries are interested to take Iran’s oil due its qualifications adding at present we are facing supply side inclination in the oil market and that is why the market is not enough strong.

"Despite this, remarks made by some oil refineries officials, specially from the Mediterranean Sea, indicate they are hopeful to resume oil trade with Iran," the official concluded.

By Fars News Agency

 

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