Posted tagged ‘Follow the Money’

Exclusive: India’s HPCL cancels Iran oil shipment after insurer excludes coverage: sources

July 27, 2018

By Nidhi Verma Jul 26, 2018 Reuters

Source Link:
Exclusive: India’s HPCL cancels Iran oil shipment after insurer excludes coverage: sources

{Creating instability has its price. Too much risk and the insurance companies back out. Combine this with sanctions and you effectively have an oil blockade imposed on Iran. – LS}

NEW DELHI (Reuters) – India’s Hindustan Petroleum Corp (HPCL) canceled the purchase of an Iranian oil cargo earlier this month after its insurance company refused to provide coverage for the crude because of U.S. sanctions, three sources with knowledge of the matter said.

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. However, the new policy would not protect against any incidents involving Iranian oil processed or stored at its refineries, the sources said.

The refiner had planned to load 1 million barrels of Iranian crude onto the Suezmax tanker Ankaleshwar in early July but canceled the purchase after it was unable to sell it on to another buyer, said the sources who declined to be identified because of the sensitivity of the matter.

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.

The United States said in May it plans to re-impose some sanctions against Iran starting in August, with full sanctions in place by November, after withdrawing from a 2015 accord with Iran limiting its nuclear program.

“HPCL faced problems in lifting cargo from Iran because its annual insurance policy was renewed in July after the U.S. pulled out of the nuclear deal in May,” said one of the sources, adding the company will not be able to lift any Iranian oil.

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.

HPCL did not respond to requests from Reuters for a comment.

Companies have until Nov. 4 to fully wind down activities with Iran or risk exclusion from the U.S. financial system. However, banks, shipping firms and insurance companies are already cutting ties with Iran and without financing or insurance coverage refiners will have to halt their purchases.

Iran had hoped to sell more than 500,000 bpd of oil to India during the current fiscal year that started in April, Oil Minister Bijan Zanganeh said in February.

However, the insurance issues may mean a reduction in imports even as India is intent on continuing dealings with Iran.

HPCL did not respond to requests from Reuters for a comment.

Companies have until Nov. 4 to fully wind down activities with Iran or risk exclusion from the U.S. financial system. However, banks, shipping firms and insurance companies are already cutting ties with Iran and without financing or insurance coverage refiners will have to halt their purchases.

Iran had hoped to sell more than 500,000 bpd of oil to India during the current fiscal year that started in April, Oil Minister Bijan Zanganeh said in February.

However, the insurance issues may mean a reduction in imports even as India is intent on continuing dealings with Iran.

“The problem in procuring Iranian barrels appears to be happening much before the Nov. 4 deadline,” said Senthil Kumaran, a senior analyst at consultants FGE. “Most of the reinsurance market is based in the U.S. so without the blessing of the U.S., Iranian oil buyers will find it almost impossible to take and process Iranian cargoes.”

{This bears repeating….“Most of the reinsurance market is based in the U.S. so without the blessing of the U.S., Iranian oil buyers will find it almost impossible to take and process Iranian cargoes.”…and that, my friends, is why Iran is so damned pissed. Enjoy. – LS}

Indian insurers rely on state-run General Insurance Corp for reinsurance, which depends on western re-insurers to hedge its risk. General Insurance did not reply to a request for comment.

OH BOY! Iranian Regime Threatens to Release Names of Western Officials Who Took Bribes to Pass Nuke Deal

May 13, 2018

by Jim Hoft May 12, 2018 Gateway Pundit

Source: OH BOY! Iranian Regime Threatens to Release Names of Western Officials Who Took Bribes to Pass Nuke Deal

{This could be interesting. – LS}

Earlier this week President Trump withdrew from the sham Iranian nuclear deal. President Trump knew the deal with the Iranian mullahs was not working.

This was despite former Secretary of State John Kerry working against the Trump administration to salvage the weak deal with the Iranian regime.

 On Saturday John Kerry was spotted at a meeting with Iranian officials in Paris, France.

Of course, the Iranian regime is very upset with President Trump’s decision.

Now this…
Iran’s Foreign Ministry Spokesman Hossein Jaberi Ansari warned Western officials this week that if they do not put pressure on the Trump administration the Iranian regime will leak the names of all Western officials who were bribed to pass the weak deal.

Iran’s Foreign Ministry Spokesman Hossein Jaberi Ansari (Press TV)

This could get good.

Turkey, Russia and Iran leaders to discuss Syria in Istanbul: Turkish source

February 8, 2018

Reuters staff February 8, 2018

Source: Turkey, Russia and Iran leaders to discuss Syria in Istanbul: Turkish source

{Hopefully, they will be discussing a way out of the money pit called Syria.  Must be costing a lot of money, especially with Turkey providing sanctuary for all those refugees from Syria.  Meanwhile, Turkey appears to have formed new alliances at NATO’s expense. – LS}

ANKARA (Reuters) – The leaders of Turkey, Russia and Iran agreed on Wednesday to meet in Istanbul to discuss the conflict in Syria, a Turkish presidential source said.

Turkish President Tayyip Erdogan discussed the meeting in two phone calls on Wednesday with the Russian and Iranian presidents, the source said. The date of the summit would be set in coming weeks.

The three countries have worked together in recent months to try to reduce violence in Syria, even though they have backed rival sides in the nearly seven-year civil war and remain deeply involved in the conflict.

Iran-backed militias and Russian air power have supported a Syrian army offensive in Syria’s northwestern province of Idlib since November, and Turkish forces last month launched an offensive in northern Syria’s Kurdish region of Afrin.

On Monday, Iran urged Turkey to halt the Afrin operation, saying it breached Syrian sovereignty and would increase tension. It was not immediately clear whether Erdogan and Rouhani discussed Afrin in their telephone call on Thursday.

Erdogan and Putin also agreed to speed up the establishment of military observation posts in Syria’s Idlib region under an accord reached by Ankara, Tehran and Moscow last year to reduce fighting between President Bashar al-Assad’s forces and rebels.

After the phone call, the Kremlin said in a statement that Putin and Erdogan agreed to strengthen coordination between the two countries’ military and security services in Syria in the fight against terrorism.