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Essar's Iran Oil Imports Rise

Essar's Iran Oil Imports RiseEssar'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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