Insurance news from India shows ongoing consideration of Iranian oil coverage

india news iran crude oil insurance

Insurers from Iran have offered to provide cover for tankers transporting that country’s crude. The latest in the insurance news saga regarding Iranian oil tanker coverage, particularly when it is headed to India, is that Iran is offering to provide the coverage for the ships so that Indian companies will be able to accept it. However, the Indian companies still hold some reluctance as they do not want to expose themselves to sanctions. India has been considering adding an additional state guarantee of $327 million to this insurance news, to…

Read More

Oil insurance offered by Iran to India refiners

india news iran crude oil insurance

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…

Read More

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…

Read More

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…

Read More

Iran shows oil exports to Asia may return to levels before EU ban

oil insurance news

Crude imports to several countries will likely reach the quantities from before July 1. At the start of July, the European Union made insurance news when it banned coverage on all tankers shipping oil from Iran, but over the last few months, that Middle Eastern country has recovered its shipments to its top Asian buyers, successfully enough that it may return to the levels that it saw before the sanctions went into place. In July, oil exports from Iran plummeted when other countries couldn’t find the coverage they needed. This…

Read More