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…

Oil insurance allows South Korea to prepare for its second Iranian shipment

September 26, 2012September 26, 2012 H. Cutner

SK Energy has already loaded another cargo of crude from Iran. The largest refiner in South Korea, SK Energy, is taking advantage of the relatively newly available oil insurance to load its second crude cargo from Iran, skirting the coverage ban from the European Union that brought the shipments to a standstill for nearly two months. Two million barrels are being shipped in this second run, while avoiding the sanctions. The oil insurance was provided by Iran, itself, making it possible to step around the problems that had previously halted…

Oil insurance sanctions in full force against Iran

July 30, 2012July 29, 2012 Nordstrom

Tehran is now ready to dodge the problems that the lack of tanker coverage had caused. The oil insurance sanctions against Iran that have been put into place by the European Union had been putting a stop to a large number of the crude exports from that country starting on July 1, but it has now built a new effort to insure its own tankers to sidestep the coverage issues. Iran is preparing to work around the coverage obstacles. The country has set aside billions of dollars so that it…