India to import Iranian crude oil refinery

According to a report in the march in Pakistan and gulf economists reported 24 new Delhi, in order to overcome from global reinsurance companies because of U.S. sanctions against Iran and no provides a guaranty to Indian oil company, the government will set up a special fund to India's state-owned and private refineries.

Two government departments work on condition of anonymity in India, government officials said the Indian government is formulating a aims to set up an insurance group account, this account will be funded jointly by insurance companies and oil companies, they will share the insurance risk.

Global reinsurance companies recently stopped India's processing of Iranian crude oil refinery insurance risk, global reinsurance companies try to use the force India refiners to stop import crude oil from Iran.

Chemical Products, Two sources said, India's finance ministry and the ministry officials nowadays is preparing for the proposal and will be finalized after discussions with the ministry of foreign affairs and the prime minister's office in the proposal.

Sources said that the move will help India all refinery crude oil imports from Iran, especially the city refinery and petrochemical complex. India's private oil refining enterprise, company will also get the guarantee.