Indian refiners owe $2.55 billion in oil dues to Iran, 90 per cent of which are payable by private sector Essar Oil ltd, Oil Minister Dharmendra Pradhan said on Monday. Four Indian refiners had outstandings of $6.11 billion in May, 2016 when formal banking channels were opened with Iran after nearly four years. They came down to $2.55 billion as on November 15 after public sector refiners paid most of their dues to Iran, the minister said. Mangalore Refinery and Petrochemicals ltd (MRPl) had an outstanding of $2.557 billion towards Iran as on May 20, of which it paid $2.355 billion and now owes Iran only $202 million, he said in a written reply in lok Sabha. Essar Oil, which the Ruia-brothers have sold to Russian national oil company Rosneft in a $ 12.9 billion deal, had the biggest outstanding of $2.917 billion on May 20. Of this, it paid only $ 600 million and still owes $2.317 billion.
“Following the lifting of sanctions on Iran on January 16, 2016 and re-establishment of banking channels from May 20, 2016, Indian refineries have paid $3.563 billion out of $6.118 billion to Iran on account of payment due to National Iranian Oil Co (NIOC) for supply of crude oil,” he said. State-owned Indian Oil Corp (IOC) has paid $538 million out of $550 million due to Iran while HPCl Mittal Energy ltd, which operates a refinery at Bhatinda in Punjab, has cleared $52 million out of $76 million dues.