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Subject Iran Offers $1 Billion Insurance on Oil Tankers to S Korea -Hyundai Oilbank Official

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Original Message Published July 18, 2012
Iranian officials have offered accident insurance coverage worth a maximum of $1 billion for Iranian tankers shipping Iranian crude oil to South Korea, a Hyundai Oilbank official, who declined to be named, said Wednesday.

Hyundai Oilbank and SK Innovation (096770.SE), which fully owns the nation's other refiner, SK Energy, are considering Iran's offer, officials from both companies said.

Both companies imported crude oil from Iran until European Union sanctions that took effect July 1 effectively cut off insurance on Iranian crude shipments July 1

Read more: [link to www.foxbusiness.com]

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