ONGC seeks to renew cover

The Indian energy giant is keen to avoid the experience of 2002 when it could not obtain reinsurance cover for 41 days

One of India’s largest reinsurance buyers, energy giant Oil and Natural Gas Corporation (ONGC) is in talks with international reinsurers to provide fresh cover from April 1, 2009. It is expected to buy insurance protection worth $750mn, equivalent to the cover it purchased last year, and is negotiating with the London reinsurance market.