Oil insurance fund to be created in India for Iranian imports

oil insurance news

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…

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Iran oil insurance offered by Tehran to South Korea

iran international insurance news

Officials in the Middle Eastern nation are working to get around the EU bans. Iran oil insurance for tankers carrying crude from the country’s ports has been offered to South Korea, for accident coverage with a maximum of $1 billion. Iranian officials have made this effort to help skirt the coverage bans from the European Union. South Korea, through Hyundai Oilbank and SK Innovation, are currently considering this offer, say officials from both of those countries. These two businesses also have complete ownership over the other refiner in the country,…

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