Ed Broking, the London and global insurance and reinsurance brokerage, has completed the first arrangements in Iran that will see London market re/insurance capacity backing energy industry projects in the country since sanctions were in place.
Since sanctions were eased in January it has now become possible for London market re/insurers to offer their capacity to industrial projects in Iran.
The Donya-e-Eqtesad daily Iranian newspaper explained that Ed Broking has arranged the re/insurance of three energy projects in the under-development South Pars fields in the Persian Gulf, where major energy companies such as Total are actively developing the gas fields for commercialisation.
The report suggests that initially issues around banking related to the re/insurance transactions were a challenge, but a regional representative from Ed said that these were successfully overcome.
With the sanctions in place against Iran having been relaxed somewhat it has now become easier to access global insurance and reinsurance markets in the country, which is essential for large energy industry projects such as the development of the South Pars and North Dome field. South Pars and North Dome are reckoned to be the largest gas fields in the world and are shared between Iran and Qatar.