Oil insurance allows South Korea to prepare for its second Iranian shipment

oil insurance news

SK Energy has already loaded another cargo of crude from Iran. The largest refiner in South Korea, SK Energy, is taking advantage of the relatively newly available oil insurance to load its second crude cargo from Iran, skirting the coverage ban from the European Union that brought the shipments to a standstill for nearly two months. Two million barrels are being shipped in this second run, while avoiding the sanctions. The oil insurance was provided by Iran, itself, making it possible to step around the problems that had previously halted…

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EU permits some Iran oil insurance until July 1

The European Union has announced that it will allow some insurance for Iranian oil shipments to be exempt from Europe’s trade embargo on crude, when they are headed to destinations other than Europe, and that it will have made its decision as to whether or not coverage will be permitted after that time, by mid May. The EU foreign ministers formed the exemption and the planned review for it at a Brussels meeting that added it to a set of rules about the implementation of the oil ban from the…

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