HPCL cancels Iran oil shipment after insurer excludes coverage
Updated : July 26, 2018 04:31 PM IST
HPCL, India's third-biggest state-owned refiner, renewed its installation insurance, which protects against any accidents at its refinery or storage sites, in early July.
India is the second-biggest buyer of Iranian crude after China and without insurance coverage to protect their plants, the country's refineries may have to cut off their imports earlier than anticipated.
HPCL's Iranian imports account for only 20,000 barrels per day (bpd) of its full demand of 316,000 bpd but other Indian refiners that take larger volumes are likely to face the same problem if their annual policy is up for renewal before November.
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