India to halt Iran oil imports over insurance - MRPL

[raptor22]

I think it's is hypocritical to halt Iran's nuclear power plants.

But I think Iran isn't going about this in an optimal way. Iranian politicians had very questionable statements quite a few times in the past, and this doesn't exactly help them to establish trust. If Ahmadinejad goes on to say something like wiping Israel off the face of the earth, then you can calculate and imagine that the west will be very wary about Iran's developments in the Nuclear sector.

I think I understand why Ahmadinejad is saying what he is saying about Israel. I think it has to do with the 'end of times' prophecies. But we as Muslims are obligated to uphold peace, and work for peace. The prophecy states that it's Israel that provokes the war, but if I look at Ahmadinejad's statements, it seems that he is the one provoking conflict/tension with Israel.

First of all western countries have been involved in many wars that have caused death of many civilians, we have never been involved at least for last 3 centuries ago, it's not us who made the first nuke and it's not us who has got thousands of it right now in their nuclear arsenal and also it's not us who has used it in a real war... about those inflammatory and fiery statements if you just don't listen to western media you will see more tens hundred of inflammatory statements from western politicians , not for now at least for 34 years ....

and in addition about wiping someone off face of earth:

 

[RazPaK]

Iran and India best fraaaaaands.

 

[Inspector Spacetime]

First of all western countries have been involved in many wars that have caused death of many civilians, we have never been involved at least for last 3 centuries ago, it's not us who made the first nuke and it's not us who has got thousands of it right now in their nuclear arsenal and also it's not us who has used it in a real war... about those inflammatory and fiery statements if you just don't listen to western media you will see more tens hundred of inflammatory statements from western politicians , not for now at least for 34 years ....

and in addition about wiping someone off face of earth:

I did say it was hypocritical to deny Iran nuclear plants right? So, I'm not sure if the first part of your post is directed to me.
I would even go further and say that countries that have nuclear weapons in their arsenal have a hypocritical stance against other countries that aspire to have nuclear weapons. However, I would still be against any country that have aspirations to make even more nuclear weapons. The last thing this world needs are more nukes.

You were right about me not knowing fully about Ahmadinejad's statement concerning wiping Israel off the face of the earth, that is new information to me. But I would still agree that Ahmadinejad still had provocative things to say about Israel. I understand criticizing Israel, by all means, criticize if there is need to, but we must not provoke a war.

Edit:
I know how the west (America in particular) works, if they have their eyes set on something, they'll do whatever they can to achieve their goal (remember WMD's in Iraq?). What we need to do is not give them any excuse for them to use against us.

 

[TheCommander]

right now some European countries are buying Iran's oil indirectly, why? cause they love us?
of course when your head is filled with that 80%, you wont believe anything else.
US sanctions are the reason our government is moving toward independence of oil incomes, and whether we get independence or not US will keep it's sanctions cause they want to stop us with anything possible, even if it's drug export to Iran.

Muhsin, it is not hate or any bias. I am just talking about the fact. 80% is the fact not my claim. You can ask your countrymen. If you say, Iran will cut off her oil dependence COMPLETELY in next year budget bill, then everyone laugh at you. Because this claim is nothing but nonsense.

 

[mohsen]

Muhsin, it is not hate or any bias. I am just talking about the fact. 80% is the fact not my claim. You can ask your countrymen. If you say, Iran will cut off her oil dependence COMPLETELY in next year budget bill, then everyone laugh at you. Because this claim is nothing but nonsense.

source of your FACT is from the same place you got your previous statistics.

 

[raptor22]

I did say it was hypocritical to deny Iran nuclear plants right? So, I'm not sure if the first part of your post is directed to me.
I would even go further and say that countries that have nuclear weapons in their arsenal have a hypocritical stance against other countries that aspire to have nuclear weapons. However, I would still be against any country that have aspirations to make even more nuclear weapons. The last thing this world needs are more nukes.

You were right about me not knowing fully about Ahmadinejad's statement concerning wiping Israel off the face of the earth, that is new information to me. But I would still agree that Ahmadinejad still had provocative things to say about Israel. I understand criticizing Israel, by all means, criticize if there is need to, but we must not provoke a war.

Edit:
I know how the west (America in particular) works, if they have their eyes set on something, they'll do whatever they can to achieve their goal (remember WMD's in Iraq?). What we need to do is not give them any excuse for them to use against us.

Ok, thanks for being fair you are a good fella, the first part of my words was directed to say that all these resolutions, sanctions, embargo and threats have not been merely imposed due to Iran nuclear program, how on earth Iran could pose an imminent threat to international community whilst there are 27000 nukes ready to get fired and bring destruction to entire milieu and inhabitants of the earth? I wanna say it's not us who giving them excuses, as Era pointed out about our former president, he was not known by fiery speeches but by his suggestion for "Dialogue Among Civilizations", in his term we fulfilled all our obligations under his administration we openly gave them chance to visit wherever they wanted,we cooperated with agency to solve probable issues, we implemented additional protocol for two and half years, we halted enrichment of uranium for 2 years and answered all IAEA's questions but what we got? nothing, after years of negotiation they said Iran has to destroy its facilities and ship its equipments out as best guarantee to make sure its program would remain peaceful, even we asked for using only 20 centrifuges in our experimental studies which was rejected by them later on. The point is although they are well aware that these allegations are baseless and unfounded as far as they don't want to see independent countries they always find an excuse to impose their will. I mean remember "tyrant will always find a pretext for his tyranny"

for more info plz read this post:
Link

 

[Daedalus]

India plans reinsurance fund to cover refiners using Iranian oil
NEW DELHI (Reuters) - India plans to set up a fund to back local insurers providing cover for refiners processing Iranian oil after companies warned they would be forced to halt imports from the sanctions-hit nation, the federal oil secretary said on Sunday.

Mangalore Refinery and Petrochemicals Ltd (MRPL.NS) (MRPL) and Essar Oil (ESRO.NS) have said they would halt imports from Iran because of insurance problems, Vivek Rae told reporters.

Europe and the United States last year introduced tough sanctions aimed at Iran's oil trade in a bid to force Tehran to the negotiating table over its nuclear programme.

Insurers rely on European reinsurance markets to hedge their risk. EU sanctions have blocked European reinsurers from any involvement in insuring shipments of Iranian oil.

India, the world's fourth biggest oil importer, has sought clarification from the European Union on insuring oil supplies from Iran as trade with Tehran gets tougher due to the sanctions, foreign minister Salman Khurshid said on Friday.

Rae said India's finance ministry is yet to take a final decision on setting up the reinsurance fund.

According to the proposal, local insurers and the Oil Industry Development Board, a unit of the federal oil ministry, would contribute money for the fund that would provide reinsurance for the state insurers, he said.

"What will be the size of this fund, how much we are required to contribute, whether it is enough to cover reinsurance - these are the details that insurance companies have to work out," Rae said.

He added supplies from Tehran could also be hit because in the next stage of sanctions refiners may be asked to certify that their exported products were not produced using Iranian oil.

India is Iran's second-largest buyer after China, taking around a quarter of its oil exports worth around $1 billion a month. India's refiners have already slashed imports from Iran as they joined other major Asian buyers in reducing purchases to secure waivers from the sanctions.

MRPL plans to lift 40 percent less oil under its annual deal with Iran in the fiscal year ending March 31, while Essar Oil aims for a 15 percent reduction. The two companies have a deal to buy 100,000 barrels per day of oil from Iran in 2012/13.

In the first 10 months of the current fiscal year, India reduced Iran crude imports by nearly 22 percent on the year, data from trade sources shows.

India plans reinsurance fund to cover refiners using Iranian oil | Reuters

 

[mohsen]

India is set to create a multi-million-dollar Energy Insurance Pool (EIP) fund as part of efforts to support local insurers giving coverage to refiners processing Iranian crude oil.

According to The Financial Express report on Saturday, the Indian government will set up a 20-billion-rupee (about USD 400 million) fund for this end, and will extend sovereign guarantees up to 100 billion rupees (about USD 2 billion) for claims beyond the stated figure.

The measure comes after two major Indian oil refineries, Mangalore Refinery & Petrochemicals Limited (MRPL) and Essar Oil Ltd, said they had difficulty purchasing 100,000 barrels of Iranian oil on a daily basis and would be forced to halt imports from Iran because of insurance problems stemming from US-led sanctions against Tehran.

Indian economic sources said the country’s Department of Financial Services has proposed the EIP be created within a month. India’s domestic insurers will contribute ten billion rupees (about USD 200 million) to the fund out of the reinsurance premium paid to them by refiners, and the Oil Industry Development Board will pay an equal amount.

The proposal states that these contributions will be continued annually for the next three years to eventually build a corpus of 60 billion rupees (about USD 1.2 billion).

State-run Oriental Insurance Company and New India Assurance Company will be the initial contributors as they underwrite risks of MRPL and Essar Oil Ltd, respectively.

The sources noted that private Indian insurance firms will also have the option to participate in the EIP fund.

India is among Asia’s major importers of energy, and relies on the Islamic Republic to satisfy a portion of its energy requirements.

PressTV - India to create multi-million-dollar fund to insure Iran crude imports

This is how sanctions helped Iran and Now Indians enjoy it too. by creating such a insurance company they can insure all of their ships not just those trade with Iran and prevent millions of dollars from going to western countries annually, and their international policies become more independent too.