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Insurers form oil and gas consortium in Tanzania

Posted On: Nov. 21, 2022 9:09 AM CST


In Tanzania, 22 insurers have formed a consortium to retain business in the country and to work on significant oil and gas projects, including the $30 billion Lindi's liquefied natural gas project and the $3.5 billion East African Crude Oil Pipeline, Middle East Insurance Review reports. Oil and gas projects have been insured with foreign companies in the past as local insurers could not meet mandatory capital requirements for individual insurance businesses.