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Essar's Iran Oil Imports Rise
Essar's Iran Oil Imports Rise

Essar's Iran Oil Imports Rise

Essar's Iran Oil Imports Rise

Essar Oil, the top Indian buyer of Iranian crude, imported about 86% more Iranian oil in October compared to a year ago, according to tanker arrival data obtained from trade sources and ship-tracking services on the Thomson Reuters terminal. Essar shipped in about 250,000 barrels per day of oil from Iran last month from about 132,000 bpd a year ago, the data showed. The company's crude purchases from Latin America in October rose 3.6% from a year ago, the data showed. A group led by Russian oil giant Rosneft earlier this month agreed to acquire a 98% stake in Essar Oil and associated port and power plant for about $13 billion, including debt. Rosneft may supply Venezuelan oil to Essar's Vadinar refinery after a deal to buy a stake in the Indian company is finalized, the Indian company's managing director, L. K. Gupta, said in August.

 

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