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Iran: Insurance problems affect petrochemical sales to E.U.

May 12, 2014 - 6:00am

Iran's deputy oil minister for petrochemicals, Abbas Shea'ri Moghaddam, said the country is still unable to sell petrochemicals to the European Union because of payment and insurance problems, Tehran Times reported citing The Wall Street Journal.

The minister said that despite an interim agreement that allows exports to E.U. nations, problems related to tanker insurance and payment transfers make petrochemical sales very difficult.

Lack of clarity on compensation has led to insurers being reluctant to provide coverage to Iranian shipments, the WSJ reported.

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