Live Insurance News

Iran shows oil exports to Asia may return to levels before EU ban

August 30, 2012August 30, 2012 H. Cutner

Crude imports to several countries will likely reach the quantities from before July 1. At the start of July, the European Union made insurance news when it banned coverage on all tankers shipping oil from Iran, but over the last few months, that Middle Eastern country has recovered its shipments to its top Asian buyers, successfully enough that it may return to the levels that it saw before the sanctions went into place. In July, oil exports from Iran plummeted when other countries couldn’t find the coverage they needed. This…

Oil insurance sanctions in full force against Iran

July 30, 2012July 29, 2012 Nordstrom

Tehran is now ready to dodge the problems that the lack of tanker coverage had caused. The oil insurance sanctions against Iran that have been put into place by the European Union had been putting a stop to a large number of the crude exports from that country starting on July 1, but it has now built a new effort to insure its own tankers to sidestep the coverage issues. Iran is preparing to work around the coverage obstacles. The country has set aside billions of dollars so that it…

Iran oil insurance offered by Tehran to South Korea

July 23, 2012July 23, 2012 Julie Campbell

Officials in the Middle Eastern nation are working to get around the EU bans. Iran oil insurance for tankers carrying crude from the country’s ports has been offered to South Korea, for accident coverage with a maximum of $1 billion. Iranian officials have made this effort to help skirt the coverage bans from the European Union. South Korea, through Hyundai Oilbank and SK Innovation, are currently considering this offer, say officials from both of those countries. These two businesses also have complete ownership over the other refiner in the country,…

Insurance news shows UAE beginning a new oil pipeline

July 18, 2012August 28, 2012 S.Vagus

It is designed to bypass the problems that would arise if Iran lives up to its threat to shut down a strait. The new pipeline in the United Arab Emirates is making insurance news as it was inaugurated on Sunday to create an important and long awaited bypass of the Strait of Hormuz. This provides the UAE with greater protection against Iran. Tehran has been threatening to block this vital waterway, which would cause a serious stoppage to Dubai’s ability to ship its oil internationally. This threat has become even…

Iran oil insurance sanctions may not stop the country’s exports

July 13, 2012April 30, 2013

Tehran has discovered a number of ways to work around the embargo. Tehran has now developed several different ways to reduce the impact of the Iran oil insurance embargo on tankers shipping crude from that country. The Middle Eastern nation has been working hard to decrease the impact of the E.U. sanctions. The European Union, as well as the United States, have made several efforts in order to significantly limit the ability for crude to be exported, by holding an embargo on the shipments as well as banning Iran oil…