Essar Oil still owes Iran €500 million

An oil refinery of Essar Oil, which runs India's second biggest private sector refinery, is pictured in Vadinar in the western state of Gujarat, India.

An oil refinery of Essar Oil, which runs India's second biggest private sector refinery, is pictured in Vadinar in the western state of Gujarat, India.   | Photo Credit: Reuters

After having paid about €2 billion in outstanding dues: chief executive B. Anand

Essar Oil still owes about €500 million in payments for previous purchases of Iranian crude after having paid about €2 billion in outstanding dues, chief executive B. Anand said.

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, he said.

Mr. 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.