Essar Oil settles $2.5 bn Iran oil dues, still owes about $616 mn


NEW DELHI: Essar OilNSE -0.04 % has settled about 2 billion euros ($2.5 billion) in dues to Iran to cover previous oil purchases and still owes the country about $616 million, 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.

The new Rosneft-led management, as part of the $12.9 billion acquisition of Essar Oil,  ..

Essar operates a 400,000 bpd Vadinar refinery in western Gujarat state and sells about 60 percent of its refined fuels in local markets.

The company recently struck an over $1 billion pre-financing deal with BP and Trafigura with a commitment to repay with cargoes of refined products.

Anand said his firm had no immediate plans to sign more pre-financing deals.

To boost its local sales Essar plans to add 1,500 fuel stations within 18-24 months, he said. Essar currently operates 4,500 fuel stations in India.

“Our retail strategy include adding more value-added services, more automation and digitisation an ..

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