Essar reduces Iran oil imports, takes losses on SC verdict
Mumbai London-listed Essar Energy said it has reduced its dependence on crude imports from Iran for its refinery in Gujarat, amid mounting US pressure to curtail Iranian imports.
“Our imports today from Iran is in very small quantities, as an expansion at our Vadinar refinery enables us process ultra-heavy crude oil sourced from alternative sources, including from Cairn in Rajasthan,” chief executive Naresh Nayyar said at an earnings call. In March, Essar commissioned the first phase of expansion of its Vadinar refinery, enhancing capacity to 375,000 barrels a day from the earlier 300,000.