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Essar Oil still owes about 500-mn euros for previous purchases to Iran

The outstanding payments stem from delays in paying for Iranian oil when the country was under international sanctions

Reuters  |  NEW DELHI 

Essar wants to borrow the money for 3-4 years and repay it  with cargoes of refined products as it seeks to cut reliance  on lending from Indian banks. (Photo: Reuters)
Photo: Reuters

still owes about 500 million euros in payments for previous purchases of Iranian crude after having paid about 2 billion euros in outstanding dues, said on Thursday.

The outstanding payments stem from delays in paying for Iranian when the country was under international sanctions over its nuclear programme. The sanctions ended in 2016.

Even with the outstanding dues, is receiving the same concessions as state-owned Indian refiners for Iranian purchases, Anand said during a briefing at the International Energy Forum.

Anand also said is buying 2.5 million tonnes per year of from and 2 million barrels of Venezuelan crude a month under a term contract.

First Published: Thu, April 12 2018. 18:17 IST
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