Media reports indicate that the union finance ministry plans to cover half of a proposed Rs 40 billion fund for underwriting the import of crude oil from Iran. It may be recalled that the union oil ministry and local insurers decided to contribute Rs 10 billion each to the proposed fund
Tag: insurance
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Finance ministry to decide on oil ministry’s proposal
Union finance ministry will decide on the proposal of petroleum ministry to use Rs 1,000 crore from the the Oil Industry Development Board (OIDB) fund for setting up a proposed insurance fund. The oil ministry proposed to set up a fund to provide insurance to local refining companies that use Iranian crude oil as re-insurance companies from West
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Growth in marine-hull insurance segment may slowdown
Weak financial position of shipping companies may slowdown growth in the marine-hull segment of the insurance industry, reports indicate. Marine-hull insurance is purchased by port authorities, shipowners, shipbuilders, oil- and energy-sector companies, bankers and financiers of ships or vessels who have insurable interest
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MRPL may procure more oil from Saudi Aramco
Mangalore Refinery and Petrochemicals (MRPL) has is seeking additional 23,000 barrels per day (bpd) of crude oil supply from Saudi Aramco during April in order to compensate for the reduction in import from Iran. MRPL plans to stop oil imports from Iran in April if insurance cover is not available for their refineries. Indian insurance companies said they would not cover refine
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GIC may run reinsurance fund
Media reports indicate that General Insurance Corporation of India would run a Rs 20 billion fund to support local insurers who cover refineries processing Iranian crude oil. The fund would get an annual contribution of up to Rs 20 billion from Indian insurers and the oil ministry.
The money will come from the premiums normally paid by insurers for reinsurance cover.
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Finance Minister welcomes investment from foreign firms
Finance Minister P Chidambaram welcomed investment from foreign insurance, banking and asset management companies in India. During his visit to Tokyo, Japan, he said these companies have shown keen interest to investment in India and they were welcome. Insurance companies, large asset management com
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HPCL may source more oil from Iraq
Hindustan Petroleum Corporation (HPCL) plans to source more crude oil from Iraq in order to compensate for the possible decline in its import from Iran. The company may have to reduce dependence on Iranian crude oil from June because it may not be able to renew insurance to process the crude thanks to the sanction from Western countries. Therefore, the public sector refiner may enter into a contract with Iraq to buy more oil from April 1, 2013. A top
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HPCL may source more oil from Iraq
Hindustan Petroleum Corporation (HPCL) plans to source more crude oil from Iraq in order to compensate for the possible decline in its import from Iran. The company may have to reduce dependence on Iranian crude oil from June because it may not be able to renew insurance to process the crude thanks to the sanction from Western countries. Therefore, the public sector refiner may enter into a contract with Iraq to buy more oil from April 1, 2013. A top
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RBI deputy chief for widening investor base in bonds
HR Khan, Deputy Governor, Reserve Bank of India (RBI) called for steps to encourage insurance companies, pension funds, provident funds, and other institutional investors to invest in bonds issued by infrastructure firms. Presently, the insurance and pension funds are legally required to invest a substantial proportion of their fund
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Mercator gives tanker to ferry Iranian oil
Mumbai-based Indian shipper Mercator gave a crude oil tanker to the National Iranian Tanker Company (NITC) for carrying crude oil from the gulf country to India in December. This is the first time that the Iranian firm chartered an Indian vessel covered under an insurance scheme arranged by New Delhi through state-run insurers, rep
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