Essar Raises Venezuela Oil Imports At Iran’s Expense

Essar Raises Venezuela Oil Imports At Iran’s Expense

Indian private refiner Essar Oil’s imports from Iran fell by three-quarters in August from a year ago, as it boosted purchases from Venezuela, according to tanker arrival data obtained from trade sources and ship-tracking services on the Thomson Reuters terminal.

Russian oil major Rosneft and its partners, including global trader Trafigura and Russian fund UCP, closed the $12.9 billion deal to acquire a 98.3% stake in Essar Oil last month.

Russia’s Rosneft, which has stakes in Venezuelan upstream assets and oil purchase contracts with state-owned PDVSA, planned to supply Venezuelan oil to the 400,000-bpd Vadinar refinery in western India, Reuters reported last year. Read More…

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