No immediate need for local reinsurance fund for oil refiners: oil secy

India does not see an immediate need for a local reinsurance fund for refiners, the oil secretary said, after some trade sanctions with Iran were eased following a deal between Tehran and six world powers to curb the Islamic Republic's nuclear programme.

India does not see an immediate need for a local reinsurance fund for refiners, the oil secretary said, after some trade sanctions with Iran were eased following a deal between Tehran and six world powers to curb the Islamic Republic's nuclear programme.

Vivek Rae, however, said that India will continue its efforts towards forming a local reinsurance fund. "We are not giving it (reinsurance fund) a pause. Inter-ministerial consultations are going on," Rae said on Wednesday.

The deal suspends sanctions provisions on insurance, which had left refiners that processed Iranian oil without cover and resulted in India's imports falling to below even the level permitted by sanctions.