Live Insurance News

Iran oil insurance offered by Tehran to South Korea

July 23, 2012July 23, 2012 Julie Campbell

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,…

Insurance news shows UAE beginning a new oil pipeline

July 18, 2012August 28, 2012 S.Vagus

It is designed to bypass the problems that would arise if Iran lives up to its threat to shut down a strait. The new pipeline in the United Arab Emirates is making insurance news as it was inaugurated on Sunday to create an important and long awaited bypass of the Strait of Hormuz. This provides the UAE with greater protection against Iran. Tehran has been threatening to block this vital waterway, which would cause a serious stoppage to Dubai’s ability to ship its oil internationally. This threat has become even…

Iran oil insurance sanctions may not stop the country’s exports

July 13, 2012April 30, 2013

Tehran has discovered a number of ways to work around the embargo. Tehran has now developed several different ways to reduce the impact of the Iran oil insurance embargo on tankers shipping crude from that country. The Middle Eastern nation has been working hard to decrease the impact of the E.U. sanctions. The European Union, as well as the United States, have made several efforts in order to significantly limit the ability for crude to be exported, by holding an embargo on the shipments as well as banning Iran oil…

E.U. Iran oil insurance sanctions slash country’s exports almost by half

July 9, 2012April 30, 2013

Insurance rates increase for offshore accounts

The daily shipments of crude for July could be nearly fifty percent lower than the average in 2011. Due to the Iran oil insurance sanctions by the European Union and those made by the United States, it looks as though the daily crude experts from that country could drop below the halfway mark when compared to 2011’s average in that month. Two of the top buyers of Tehran’s crude, South Korea and Japan, have already ceased all of their imports in July as a result of the sanctions that were…