Tokyo—Japanese refiners have stepped upefforts to have an additional force majeureclause included in their Iranian crude con-tracts that can be invoked if tankers refuse tocarry the oil because of concerns about lossof insurance cover, sources close to the mat-ter told Platts March 1.An EU ban on Iranian oil is not due tocome into effect until July 1 and does notdirectly affect non-EU countries. But the EUlegislation includes a ban on the provision ofinsurance cover for ships carrying Iranian oiland this has already stirred up a great dealof concern in Asia because of the direct linksbetween Asian insurers and EU-based protec-tion and indemnity providers.
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