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

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. The sanctions ended in 2016.

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 tonnes per year of crude oil from Mexico and 2 million barrels of Venezuelan crude a month under a term contract.