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Lack of insurance coverage may force India to halt Iran crude imports
- Iran: Sunday, March 10 - 2013 at 06:21
Mangalore Refinery and Petrochemicals (MRPL), India's biggest buyer of Iran crude, has said it plans to halt all crude imports from the Islamic Republic as insurance companies in the country have said refineries processing the oil will no longer be covered due to Western sanctions, Reuters has reported. "If cover is not available then all Indian refiners will have to halt imports from Iran or else they will have to take a huge risk," said the managing director of MRPL, PP Upadhya. "Insurance companies said if I buy Iranian crude my refinery's insurance cover will be cancelled ... If we don't get insurance for the refinery then we will stop buying Iranian crude."
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