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

 
Treyfish
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07/18/2012 09:23 AM
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Iran Offers $1 Billion Insurance on Oil Tankers to S Korea -Hyundai Oilbank Official
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]
Treyfish (OP)

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07/18/2012 10:04 AM
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Re: Iran Offers $1 Billion Insurance on Oil Tankers to S Korea -Hyundai Oilbank Official
..The EU sanctions, which targeted Iran's crude-oil exports over its disputed nuclear program, prohibit European companies from insuring Iranian crude-oil shipments.

The South Korean refiners are considering using the ships of NITC, or National Iranian Tanker Co., they said.

Hyundai Oilbank is negotiating the details--including the offer of insurance and the number of monthly shipments--with Iranian officials, the Hyundai Oilbank official said.

An agreement may be reached by the end of the month, he said.

Meanwhile, Hyundai Oilbank is waiting for the government, which apparently finds the Iranian proposal "acceptable," to give it its official blessing, he said.

A government official who asked not to be identified told Dow Jones Newswires earlier this week that government officials were leaning toward accepting the Iranian insurance proposal but that it was "too early to say" whether it would be approved//...
[link to www.nasdaq.com]
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07/18/2012 10:08 AM
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Re: Iran Offers $1 Billion Insurance on Oil Tankers to S Korea -Hyundai Oilbank Official
Iran Offers $1 Billion Insurance on Oil Tankers to S Korea -Hyundai Oilbank ...

Nasdaq – One hour ago

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 ...
[More] [link to news.kodoom.com]
Treyfish (OP)

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07/18/2012 10:12 AM
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Re: Iran Offers $1 Billion Insurance on Oil Tankers to S Korea -Hyundai Oilbank Official
There is a move to resume imports of Iranian crude oil is

Recently our government officials and Iran Iranian oil tankers carrying Iranian nationality, under the responsibility of the Iranian government reached an agreement to bring to our country.


What is the current consultations on transportation planning for tanker underway will make the final decision is reached within two months, the government notified the U.S. side that the plan was announced.
[link to translate.googleusercontent.com]
Treyfish (OP)

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07/18/2012 06:09 PM
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Re: Iran Offers $1 Billion Insurance on Oil Tankers to S Korea -Hyundai Oilbank Official
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