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Indian refiners using Iranian oil to benefit from reinsurance fund
- Iran: Monday, March 25 - 2013 at 08:02
India's federal oil secretary Vivek Rae has announced plans to set up a fund to back local insurers providing cover for refiners processing Iranian oil after companies warned they would be forced to halt imports from the sanctions-hit nation, Reuters has reported. Indian Insurers currently rely on European reinsurance markets to hedge their risk. "What will be the size of this fund, how much we are required to contribute, whether it is enough to cover reinsurance - these are the details that insurance companies have to work out," Rae said.
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