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Essar settles $500 million of Persia oil bill

Essar settles $500 million of Persia oil bill : Sources Essar Oil, the highest Indian purchaser of Iranian oil, has this month cleared USD five hundred million of a debt owed to capital of Iran, 2 sources with direct information of the matter aforesaid. 







Essar Oil, the highest Indian purchaser of Iranian oil, has this month cleared USD five hundred million of a debt owed to capital of Iran, 2 sources with direct information of the matter aforesaid. Essar, that operates a four hundred,000 barrels per day petroleum refinery at Vadinar in Gujarat, owed regarding USD3 billion to Persia for oil purchases created once robust Western sanctions had obstructed banking channels. a number of the sanctions were upraised earlier this year when Persia met all the conditions to curb its controversial nuclear programme. That helped Persia in unlocking billion of greenbacks frozen overseas. Asian nationn refiners are sinking oil debts in euros via banking company of India and Germany-based bank Europaeisch-Iranische Handelsbank Ag (EIH).

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