Gazpromneft Aero has taken out third party liability and environmental damage insurance with SOGAZ Insurance Group to cover all of the company’s global assets, with a maximum insurance payout of $500 million per insured event,.
Gazpromneft Aero is one of the first Russian aviation fuel companies to arrange global civil liability insurance. Taking out civil liability insurance, which allows companies to increase their reliability as a supplier, is common practice internationally.
“Gazpromneft Aero is implementing a comprehensive transport, fire and environmental safety programme, with all of our refuelling facilities meeting international industrial safety standards. Voluntary third-party civil liability insurance is international industry best practice and this move by Gazpromneft Aero’s puts the company alongside the leaders of the international aviation fuel market.This agreement with SOGAZ allows us to develop new partnerships with international air carriers and put our expansion plans into action,” commented Vladimir Egorov, General Director of Gazpromneft Aero.
“Gazpromneft Aero’s international business is expanding rapidly and the company therefore needs appropriate insurance coverage. I am confident that this insurance agreement, which provides a high level of indemnity, will give foreign partners an additional reason to work with Gazpromneft Aero,” commented Sergey Maksimov, Oil & Gas Industry Insurance Director of SOGAZ Insurance Group.
Gazpromneft Aeroleads the Russian aviation fuel market. The company has its own chain of refuelling facilities and is the biggest retail chain in Russia by total underwing aviation kerosene delivered. In 2011, Gazpromneft-Aero increased its retail sales of aviation kerosene by 53% year-on-year.
The company has operated as an aircraft fuel provider and supplier of underwing refuelling services since 1 January 2008. Gazpromneft Aero has been a strategic aviation fuel supply partner of the IATA since December 2008.
Today, the company operates in 80 airports around the world and plans further expansion by providing Russian and foreign air carriers with reliable fuel deliveries at affordable prices.
SOGAZ Insurance Group brings together OAO SOGAZ, OOO SK SOGAZ-AGRO, OAO SK SOGAZ-MED, OOO SK SOGAZ-LIFE, SOVAG (Germany), SOGAZ a.d.o. Novi Sad (Serbia), SOGAZ International Medical Centre, ZAO Leader asset management company and OOO Gazprommedservice medical services company. The Group’s regional network currently includes more than 600 branches and sales offices across Russia. SOGAZ was assigned the highest reliability rating of A++ by Expert RA rating agency and international financial stability ratings by A. M. Best (B++, Stable) and Standard & Poor’s (BBB-, Stable).