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Insurance covers oil firm's $34-million cargo loss in Gulf attack

Tanker fire

CPC Corp. Taiwan said that insurance helped the oil firm to limit its losses to $254,000 after one of its tankers carrying $34 million worth of cargo was attacked in the Persian Gulf, Asia Insurance Review reported citing sources. The 800-foot oil tanker – Front Altair – was carrying 75,000 tons of naphtha when it suffered an explosion in the Sea of Oman on June 13.

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