By Henrik Stolen

OSLO, March 1 (Reuters) – Frontline, one of many world’s largest unbiased tanker corporations, says securing insurance coverage for cargoes carrying oil from Iran is prone to take one other two to a few months, probably limiting Iran’s skill to rapidly ramp up oil exports.

Iran has been looking for to quickly enhance oil exports since worldwide sanctions had been lifted as a part of its nuclear cope with world powers, which got here into impact in January, however it nonetheless faces insurance coverage and financing hurdles.

“We have not lifted anything yet, there are still terms of insurance and payments. There are still some outstanding (issues). (But) we expect that to be in place within two to three months,” mentioned Robert Hvide Macleod, chief govt of Oslo-listed Frontline.

“That could change, but two to three months (is) our estimate,” he instructed a convention name with buyers on Monday.

The United States nonetheless prohibits U.S. people or corporations from buying and selling with Iran and insurers are attempting to make clear particulars on the parameters of the U.S. sanctions.

“In terms of volumes, (Iran’s) pre-sanctions levels were 2.8 million barrels of oil per day. Their domestic refineries consumed about 1.8 million,” MacLeod mentioned.

“There is a million left to export which they did on their own ships. Now the post-sanctions volumes available into 2016 looks to be between 1.5 million to 2 million barrels.”

MacLeod mentioned as soon as the insurance coverage subject is resolved, Iran would rely extra on worldwide delivery. Iranian tankers have been holding unsold oil at Iranian ports and can proceed to take action attributable to an absence of land storage amenities, he mentioned.

“We expect the chartering requirement from Iran to increase and (for) them to fix international tonnage,” he mentioned. (Additional reporting and writing by Stine Jacobsen, Editing by Jonathan Saul and Susan Fenton)

(c) Copyright Thomson Reuters 2016.