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 for BP grants them access to payments for 2010 oil spill

insurance news Deepwater Horizon Oil Spill 2010

The company won a ruling in appeals court that will provide it with a payment of $750 million. BP has just won a ruling in an appeals court that is making insurance news, as it has provided it with Transocean Ltd. coverage payments worth $750 million in order to cover costs from the oil spill in the Gulf of Mexico in 2010. The U.S. Court of Appeals reversed a previous decision that had been made on the case. The ruling that had previously denied access to the funds to BP…

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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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