Tag Archives | Essar Oil

Essar Oil’s Iran Debt expected to be Paid

By John Lee. India’s Essar Group has completed the sale of its 98.26-percent holding in Essar Oil to Russia’s Rosneft and partners. Rosneft will take a 49.13 percent stake in Essar Oil, with a consortium of Trafigura and United Capital Partners (UCP) taking an equal stake, Essar Oil said in a statement. Essar Oil still owes […]

Iran Signed Deal with Gazprom over Farzad B

Iran has signed a basic agreement with Russia’s energy giant Gazprom over the development of Farzad B gas field – a project which the country has for long been negotiating with an Indian consortium. The announcement over Farzad B agreement was made by Iran’s Petroleum Minister Bijan Zanganeh. Zanganeh said in an interview with Argus […]

India Invests $5.5bn in Iran to Raise Refinery Capacity

By John Lee. A $5.5 billion investment by the Indian Oil Corporation (IOC) will increase the capacity of the firm’s smallest refinery, co-owned by Iran, to 300,000 barrels per day, according to a report from OilPrice. Reuters reports that the project to renovate Chennai Petroleum Corp.’s Nagapattinam refinery will allow Iran to meet demand for […]

India’s Essar Clears $500m of Iran Oil Dues

India’s Essar Oil has settled $500 million of its outstanding oil dues to Iran, a report said. Essar Oil, the top Indian buyer of Iranian oil, has this month cleared $500 million of a debt owed to Tehran, two sources with direct knowledge of the matter said, Reuters reported. Essar, which operates a 400,000 barrels […]

India Clearing Remaining Iran Oil Dues via German Bank

Indian refiners have started to settle the rest of their outstanding oil dues to Iran via State Bank of India and Germany-based bank Europaeisch-Iranische Handelsbank AG (EIH), a report said. In an attempt to speed up payment of billions of Iranian oil dues, Indian refiners are settling their debts via EIH as timely payment of […]

India to Pay Oil Dues via European Banks

The Indian oil minister said the South Asian country is scheduled to pay an outstanding oil debt to Tehran via European banks. Iran and India have agreed to use European banks to process pending oil payments to Tehran, Dharmendra Pradhan told Reuters. “There is an agreement between (India and Iran’s) central banks. European banks will […]

Iran Targets New Investments in Refineries Abroad

Iran is negotiating to buy shares in oil refineries in Europe, Latin America and Asia, its deputy oil minister was quoted this week as saying by Iran’s Mehr news agency. Abbas Kazemi, who is also head of the National Iranian Oil Refining and Distribution Company (NIORDC), said: “Buying the oil refineries or their shares abroad […]

India Pays $700m in Iran Oil Dues

By John Lee. A group of Indian refiners has paid the second instalment of $700 million to Iran to clear part of their outstanding oil dues, according to a report from The Economic Times. Essar Oil paid $338 million, while Mangalore Refinery and Petrochemicals (MRPL) remitted $299 million, IOCBSE paid another $60 million, and Hindustan Petroleum […]