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Summary: Oil and gas supplier negotiates 35% reduction in insurance and reinsurance premiums

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Sources have said that India's Oil and Natural Gas Corp. Ltd. has renewed its insurance and reinsurance covers for offshore assets at $20 million, reports Moneycontrol.com citing the Press Trust of India.

The company has renewed insurance "for its offshore assets worth $34 billion for a premium of around $20 million, more than 35% lower than what it had paid for existing cover of $33 million," said the sources. ONGC renewed its cover from United India Insurance Co. Ltd. and two global reinsurers, one of which is Endurance Worldwide Insurance Ltd.

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