Indian company Essar Oil has paid $2.5 billion in debt to Iran, Reuters reported.
The company delayed paying for Iranian oil while the country was under international sanctions regarding its nuclear program, which ended in 2016 after a 2015 United Nations Security Council Resolution.
Essar’s debts to the country now total $616 million.
Essar Oil’s new Rosneft-led ROSN.MM management took the decision to repay the dues owed to Iran.
The company plans to buy 120,000 barrels per day (b/d) of oil from Iran in 2018/19, the same as the previous year, Essar Oil Chief Executive B. Anand said, adding that the company was receiving the same concessions as state-owned Indian refiners for Iran oil purchases.