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India to create $367M fund to back insurance for Iran oil-related businesses

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India soon will establish an Energy Insurance Pool fund to support domestic insurers covering refineries that process Iranian crude oil as foreign reinsurers refuse to cover Iran-related businesses, The Indian Express reported.

Sources have said that the 20 billion rupee ($366.5 million) EIP fund could be set up within a month. In addition, the national government will extend sovereign guarantee up to INR 100 billion ($1.83 billion) for claims exceeding INR 20 billion ($366.5 million).

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