Speaking to reporters on Sunday, Mohsen Qarehkhani said all vessels have two kinds of insurance coverage, namely liability insurance and hull insurance.
The hull insurance of Sanchi had been covered by Iranian companies and the liability insurance by foreign companies, he said.
The official also said all parties involved in the liability insurance of the Iranian oil tanker are foreigners and their shares of compensation have been paid.
He further said the compensation covered by protection and indemnity insurance commonly known as “P&I” insurance has also been paid by foreign companies.
Sanchi, with 32 people on board, collided with the Chinese freight ship in the East China Sea on January 6 and sank after burning for eight days.
All crew members of the oil tanker, including 30 Iranians and two Bangladeshi sailors, were tragically killed due to inhaling toxic gas and the huge fire which embraced the tanker since the outset of the tragic incident.
The Panama-registered tanker was carrying 136,000 tons of condensate, an ultra-light crude that is highly flammable, to South Korea.