India renewed license of Iranian insurance companies for one more year to cover insurance of container ship and oil tankers carrying cargo toward Indian ports to help import of oil from Iran
Renewing the licenses will help India to import oil from Iran by Iranian oil tankers.
India, after China, is the fourth world oil consumer and the second customer of Iranian oil after China.
In May, India imported 66 percent more oil from Iran compared to the preceding period.
The sanctions of European Union on Iran since July 2012 led to lawsuits seeking compensation from the European insurance companies used to cover insurance for most oil tankers for avoiding insurance services.
Meanwhile, new insurance companies emerged to render service to the Iranian oil industry.