Tyumen Oil Company Insures Its Property For More Than $7Bn

Tyumen Oil Company has secured an agreement with the ROSNO insurance company and AlfaStrakhovanie on insurance of the property of all its oil producing enterprises and refineries, the company's press service reported. The total sum of the contract is more than $7 billion. The term of the contract is a year, from December 1, 2001 to November 30, 2002. The contract provides for insurance against the destruction of any of the oil company's property, risks connected with the breakdown of equipment of facilities and risks on a possible temporary discontinuation in production. Reinsurance protection was provided by German concern Allianz AG.