Live Insurance News

Oil insurance offered by Iran to India refiners

May 30, 2013May 28, 2013 G. Turner

In an effort to boost the sales of crude, Tehran is now offering coverage to Indian refineries. Iran has just offered to provide Indian refiners with oil insurance in order to try to increase its sales of crude, as Tehran seeks out new ways to reduce the considerable impact it has suffered from the revenues drop that resulted by strict sanctions from the European Union and the United States. The sanctions from the E.U. and the U.S. have slashed away at Iran’s ability to sell crude. These sanctions were specifically…

Oil insurance fund to be created in India for Iranian imports

April 6, 2013April 4, 2013 G. Turner

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…

Oil insurance fund to be established in India for Iranian crude

March 26, 2013March 25, 2013 Julie Campbell

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…

Insurance news from India includes possible cessation of Iranian crude imports

March 11, 2013March 9, 2013 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…

Insurance news from India halts Iranian oil shipments

October 25, 2012October 25, 2012 Julie Campbell

Chennai Petroleum has announced that it will no longer be processing crude from Iran. An insurance news announcement from Chennai Petroleum in India has stated that the company will no longer continue with its processing of crude from Iran after its coverage for the oil supplies was lost. Industry sources say that an Iranian firm owns a stake of Chennai Petroleum, reducing imports from other nations. Every day, the plants at Chennai Petroleum will refine 230,000 barrels of crude. This makes up approximately 5.4 percent of the entire refining capacity…

Iran oil insurance to resume covering shipments to India

August 16, 2012April 30, 2013

This is the latest step taken in Asia to sidestep the EU sanctions on the coverage. India has now become the latest country in Asia to offer tankers Iran oil insurance through a government backed program in order to get around the sanctions against the coverage that have been put into place by the European Union and that have cut the exports from the Middle Eastern country nearly in half. Japan has already been providing its own shipment protection through its government. The very first ship to take part in…

Insurance news for Iran oil shows Indian ship owners displeased with coverage

August 8, 2012 Julie Campbell

India’s top tanker companies have rejected its own government’s offer. The latest insurance news regarding Iranian oil has shown that the top ship owners in India have rejected an offer from their government to provide coverage for shipping crude from the Iran, saying that the protection being offered is inadequate. The tanker coverage was offered in an attempt to skirt the European Union’s sanctions. The refusal of these ship owners has meant that the refiners in India will need to use the coverage being offered from Tehran, as well as…