Tag: iran oil ban

Oil insurance provided by India to refiners of crude from Iran

H. Cutner
india news iran crude oil insurance

The country will be backing up its own coverage in order to allow refineries to open the doors to Iranian import. India has announced that it will be providing a sovereign guarantee of approximately $158 million (10 billion rupee) in order to back local oil insurance coverage for Indian refineries that are processing Iranian crude. This news was revealed by two government sources, saying that it is hoping to boost imports paid for in local currency. Iran has recently agreed to allow the country to pay for its crude imports…

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Insurance news from India includes possible cessation of Iranian crude imports

Julie Campbell
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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