Essar Oil still owes about 500 million euros in payments to Iran – Feedback

Essar Oil still owes about 500 million euros in payments for previous purchases of Iranian crude after having paid about 2 billion euros in outstanding dues, Chief Executive B. Anand said on Thursday. The outstanding payments stem from delays in paying for Iranian oil when the country was under international sanctions over its nuclear programme.

Even with the outstanding dues, Essar is receiving the same concessions as state-owned Indian refiners for Iranian oil purchases, Anand said during a briefing at the International Energy Forum. Anand also said Essar is buying 2.5 million tons per year of crude oil from Mexico and 2 million barrels of Venezuelan crude a month under a term contract.

http://www.indianoilandgas.com/viewnews.php?id=36797

About news

We take care of publishing the latest investment news and highlights for Feedback

Leave a Reply

Your email address will not be published. Required fields are marked *