Oil insurance fund to be created in India for Iranian imports

oil insurance news

The money reserved will be used to cover the refineries that are processing crude from the Middle Eastern nation. India has announced that it is going to try to solve its own oil insurance problems by creating a fund that will be worth approximately $364 million (20 billion rupees) to provide coverage for the refiners that will be using Iranian crude. The crude from Iran is subject to sanctions from the West, such as the European Union, that has banned coverage. The E.U. has placed a ban on providing oil…

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Oil insurance fund to be established in India for Iranian crude

oil insurance news

A new program is being designed to provide Indian refiners with the coverage that they require. India has now revealed that it has intentions to establish a special fund in order to give refineries the opportunity to obtain oil insurance coverage after reinsurers from the European Union refused to provide protection for units that process crude from Iranian sources. The country’s own insurers have refused coverage to the refiners as they could not obtain reinsurance. The reason is that the oil insurance companies within India were not able to obtain…

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Insurance news from India includes possible cessation of Iranian crude imports

oil insurance news Iran imports stopped from india

The South Asian country may soon cut off its imports of Iran oil as coverage is shaky. India is preparing to stop its imports of Iran crude, as the latest insurance news has shown that the refineries that process the oil would not be able to obtain coverage due to the sanctions from the West. This, according to the head of the MRPL refiner, as options for coverage appear to be running out. India is the second biggest buyer of Iranian crude, making this considerable insurance news. Nearly one quarter…

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Insurance news from Japan includes a rise in its Iran oil shipping coverage

oil Insurance News

The increase in the maximum coverage is expected to be by 4 percent over 2013 through 2014. The latest insurance news out of Japan has been an expectation that the country will be increasing its maximum coverage for Iranian crude oil tankers by 4 percent, year over year. This will bring the maximum available coverage for the transport of the crude to Yen 635.9 billion. That insurance news figure is the equivalent of $7.8 billion under the most recent exchange rates that have been issued for use by the budget…

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Insurance news from India ensures Iran crude coverage

india news iran crude oil insurance

Indian refiners that are running Iranian oil will be able to cover themselves through the government. The Indian government made insurance news on Wednesday that refiners will be able to find coverage for plants that are running crude that was sourced in Iran, helping to assuage some of the concerns that imports made from that Middle Eastern country would need to cease. The worry has been based on the sanctions that have been applied to coverage of Iran’s crude. Hindustan Petroleum Corp, a refiner run by the state in India,…

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