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News Brief | August 2016

Essar Oil makes $500-mn payment to Iran

Essar Oil has paid $500 million to Iran via a new payment channel opened recently to clear one-fifth of its outstanding. Indian refiners are using Germany-based EIH bank to help clear past oil dues to Iran. Industry sources said Essar Oil, which owed about $2.6 billion in past dues, paid $500 million. Mangalore Refinery and Petrochemicals Ltd (MRPL) and Indian Oil Corp (IOC) have paid over $1 billion.
Contact: Essar Oil
Tel: +91-22-6733-5000
Website: www.essaroil.co.in
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