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Insurers are likely to pay more than 2 billion Indian rupees ($29 million) related to a fire at India-based Bharat Petroleum Corp. Ltd.'s refinery in Mumbai, The Times of India reported citing sources. Bharat Petroleum had insured its assets for INR 1.2 trillion, of which the refinery has an individual loss limit of INR 75 billion, the sources said. New India Assurance Co. Ltd. said that the insurer's net exposure would be only 3% due to high level of reinsurance on energy risks.