The country intends to begin boosting its shipment to awaiting customers once the sanctions are lifted. Refiners in Asia are now gearing up to purchase more crude from Iran once word has been confirmed that the sanctions have been lifted and oil insurance can once again be purchased internationally for tankers and refineries carrying and processing crude from the country. Tehran is now working hard to attempt to compete and rebuild its market share within an oversupplied marketplace. When the deal was finally reached among world leaders, last Tuesday, following…
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Oil insurance fund to be established in India for Iranian crude
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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