Iran Economy NewsIndia's Essar says Iran oil imports not hit

India’s Essar says Iran oil imports not hit

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Reuters: India-focused refiner and power generator Essar Energy’s oil imports from Iran have not been hit despite the scrapping of payments through the existing mechanism, its chief executive officer said on Monday.

MUMBAI, March 21 (Reuters) – India-focused refiner and power generator Essar Energy’s oil imports from Iran have not been hit despite the scrapping of payments through the existing mechanism, its chief executive officer said on Monday.

“The agreement with Iran is still on. It is normally on calendar-year basis. We’ll renew it when required,” Naresh Nayyar told a conference call.

Iran is India’s second-biggest oil supplier after Saudi Arabia and has not stopped shipping oil to India despite the scrapping of payments through the Asian Clearing Union (ACU).

(Reporting by Nidhi Verma; Editing by Aradhana Aravindan)

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