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Japan Insurers Expand Cover to Boost Iran Oil Shipping Capacity

Japanese insurers are expanding their maritime coverage to allow more domestic tankers to transport Iranian crude, as Tokyo looks to keep oil flowing despite tough Western sanctions, industry sources said on Wednesday.

By Osamu Tsukimori, Reuters | Updated on July 11, 2012

TOKYO (Reuters) – Japanese insurers are expanding their maritime coverage to allow more domestic tankers to transport Iranian crude, as Tokyo looks to keep oil flowing despite tough Western sanctions, industry sources said on Wednesday.

Japan, Iran’s third biggest oil buyer, is expected to resume imports of the OPEC member’s crude in August after halting shipments this month as buyers held back to avoid any risk of running afoul of European Union sanctions, which took effect last week.

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