close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

India MRPL seeks sour oil to replace Iran crude

http://www.dreamstime.com/-image20378136

MRPL in July loaded only one cargo of 600,000 barrels from Iran, compared with five such parcels planned for lifting

0

August 30, 2012 5:57 by



India’s Mangalore Refinery and Petrochemicals Ltd is seeking to buy 600,000 barrels of high-sulphur crude oil in the spot market for October and November lifting, tender documents showed, as supplies from Iran are hit by European sanctions.

MRPL in the past rarely tendered for sour crude because it imported oil from Iran under an annual deal. But Indian refiners have struggled to find insurance and shipping for Iranian oil since European Union sanctions took effect from July 1.

The company’s two tenders seeking sour crude for lifting in the second half of October and first half of November will close on Sept. 5, with bids remaining valid until Sept. 7, the tender documents showed on Thursday.

MRPL in July loaded only one cargo of 600,000 barrels from Iran, compared with five such parcels planned for lifting. In August, the company may have lifted only two cargoes. It normally takes between four and six aframax cargoes from Iran in a month.

The refiner earlier this week bought 600,000 barrels of Omani oil from Itochu at a premium of about $2.50 per barrel to Dubai on delivered basis for lifting in the first half of October.

MRPL’s managing director, P.P. Upadhya, recently outlined a plan to make up for Iranian imports hit by the sanctions, including tapping spot markets for more high-sulphur oil.

India is selectively allowing refiners to import oil using Iran’s ships. But Iran does not have enough aframaxes to suit MRPL’s needs, and Indian shippers say the insurance cover provided by local insurance firms is inadequate.



0

Leave a Comment