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Indian refiners defer Iranian Imports after failing to secure reinsurance

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Three state-run Indian refiners – Indian Oil Corp., Hindustan Petroleum Corp. and Chennai Petroleum Corp. – have said they will push back restarting purchases of crude from Iran by at least three months, after being unable to secure reinsurance for the imports, Bloomberg reported.

The move comes after Europe said it would relax a coverage ban.

International Group of P&I Clubs said European rules are yet to be rewritten and hence reinsurers are unable to offer cover to Indian refineries buying from Iran, Bloomberg reports.

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