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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…