India: Insurance pool for Iranian crude likely to be formalized by December 2013
Posted On: Nov. 13, 2013 12:00 AM CSTA 20 billion Indian rupees ($312.6 million) insurance pool, which will cover refineries processing Iranian crude oil, is expected to be formalized by December 2013, Business Standard reported.
The petroleum ministry and the finance ministry would contribute around INR 10 billion ($156.3 million) each.
An official of Hindustan Petroleum Corp. Ltd. said the company may start importing crude oil from sanctions-hit Iran, if the issue over insurance is resolved.