The Finance Ministry is hoping that the fund will be formalized by next month and is encouraging speed. The Finance Ministry in India is asking the Petroleum Ministry to work more quickly in their effort to complete the procedure for the creation of the oil insurance pool that would make it possible to provide coverage for tankers bringing Iranian crude to the country. This effort is designed to allow the country’s refineries to circumvent the Western sanctions against Iran. The oil insurance pool has been designed by the Indian government…
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Oil insurance fund delays shrink Indian imports of Iran crude
As refiners continue to await the full operation of the program, not as many tankers are leaving Iranian ports for India. The imports of Iranian crude to India have dropped by 40 percent over the span of January through September as a number of refiners in the country have been slashing their purchases as they await the oil insurance coverage that New Delhi has been promising for the coverage of plants provide the local processing. The Western sanctions from Europe and the United States continue to hold back Iran’s export…
Read MoreOil insurance provided by India to refiners of crude from Iran
The country will be backing up its own coverage in order to allow refineries to open the doors to Iranian import. India has announced that it will be providing a sovereign guarantee of approximately $158 million (10 billion rupee) in order to back local oil insurance coverage for Indian refineries that are processing Iranian crude. This news was revealed by two government sources, saying that it is hoping to boost imports paid for in local currency. Iran has recently agreed to allow the country to pay for its crude imports…
Read MoreInsurance news regarding Iranian oil imports moves forward in India
HPCL has announced that it will begin importing crude from Iran when the coverage issue is resolved. The State owned Hindustan Petroleum Corp Ltd (HPCL) has made insurance news headlines by announcing that it will begin importing one million tons of Iranian crude during this fiscal year, provided that the coverage issues for processing that company’s oil are resolved. This will represent a contract that is only half of what it was last year, but it is far more than the current standstill. HPCL, like a number of other refiners…
Read MoreOil insurance fund to be created in India for Iranian imports
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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