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"Mangalore Refinery and Petrochemicals Ltd and Essar Oil have said they would halt imports from Iran because of insurance problems, Vivek Rae told reporters." (Reuters, "India plans reinsurance fund to cover refiners using Iranian oil," 3/24/2013)

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"Essar Oil has more than halved oil imports from Iran in November and aims to reduce purchases further, a source with direct knowledge of the matter said, strengthening New Delhi's hopes of a continued waiver from U.S. sanctions. Privately-owned Essar was Iran's top Indian client in April to October, temporarily replacing state-run Mangalore Refinery and Petrochemicals Ltd, according to data available to Reuters, taking more than its term deal's average quantities... In November, Essar imported about 265,000 tonnes or about 64,500 barrels per day (bpd) crude from Iran, a decline of about 55 percent from the previous month and about a third of its imports a year ago, the source said... 'Essar will continue to reduce purchases from Iran as it wants to bring down imports from Iran to about 85,000 barrels per day in this fiscal year,' said the source. Essar imported about 109,000 bpd from Iran during April-October, according to Reuters data, and has been criticised by state-run refiners for not cooperating with them in India's effort to reduce shipments from the Islamic nation... Essar has an annual deal with Iran to import about 100,000 bpd oil in this fiscal year ending March 31, 2013 and the planned reduction is in line with a verbal directive from the government to reduce imports by 15 percent. Essar, which operates a 400,000 bpd refinery at Vadinar in western Gujarat state, has meanwhile significantly raised processing of heavy and ultra-heavy grades, including those from Latin America, to improve refining margins... Essar aims to buy 15-20 percent of its oil needs from the domestic market, 35-40 percent from Latin American sources, and 30-40 percent from the Middle East, it said in May." (Reuters, "Essar slashes Iran imports in Nov; to continue with cuts-source," 12/4/2012)   

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"While India's state-run refiners are adhering to the government's verbal order to cut imports from Iran by at least 15 percent, their efforts could be undermined by private refiner Essar and now HMEL... Essar sources, however, said their Iranian crude purchases would average 85,000 bpd in financial 2012/13 (April-March), a decline of 15 percent from an originally contracted 100,000 bpd. From April-August Essar has bought an average 102,000 bpd." (Reuters, "India's HMEL bought 2 million barrels of Iranian oil: sources," 10/13/2012)

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"Essar Oil, the only private refiner in India that buys Iranian oil, has raised imports of oil from Tehran by a third in July compared with June and about 37 percent from a year ago, according to tanker discharge data made available to Reuters. Essar has renewed its term deal with Iran to buy 100,000 barrels per day (bpd) oil in 2012/13 (April-march) but plans to cut purchases by 15 percent after a verbal directive by the government. However, the refiner has shipped in an average 104,000 bpd since April." (Reuters, "India Essar's July Iran oil imports rise a third from June-trade," 8/31/12)

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"Falling imports pushed Iran to sixth position in the list of India's biggest suppliers of oil in July, compared with the third position it enjoyed in June and No. 4 a year ago. The shortfall is being made up with extra barrels from the world's biggest exporter, Saudi Arabia, as well as the United Arab Emirates, which emerged as the fourth-biggest supplier to India. While state-run refiners have stepped up imports from Nigeria, which was third-biggest supplier in July, private refiner Essar Oil has turned its focus to Latin America. Essar, which raised the use of heavy and ultra-heavy crude oil in April-June, has signed a deal to buy 12 million barrels of oil from Colombia . . . In July Essar emerged as Iran's top Indian client replacing Mangalore Refinery and Petrochemicals, which lifted only a fifth of planned Iran imports in July. MRPL is looking at alternatives to make up for the Iran shortfall . . . Essar's imports rose by a third in July to 154,400 bpd compared with June, the data showed, while MRPL's declined 86 percent to 22,200 bpd . . . Essar has renewed its annual deal of 100,000 bpd with Iran for this fiscal year starting April 1 but plans to lift 15 percent less volumes, while MRPL has reduced the size of its deal to 100,000 bpd compared with 124,000 bpd of 2011/12." (Reuters, "India cuts July Iran oil imports by over 40 pct y/y-trade data," 8/21/12)

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"Essar Oil, the only private refiner in India that buys Iranian oil, has significantly raised imports from the sanctions-hit nation in June, reversing the declining trend of the previous three months, ahead of tighter western sanctions that came into effect from July, according to tanker discharge data made available to Reuters…The private refiner more than trebled monthly imports from Iran in June to 114,700 bpd -- and they were about 70 percent more than a year ago. Essar is set to become the biggest Indian buyer from the Islamic Republic in July replacing Mangalore Refineries and Petrochemicals Ltd…Essar got nearly 44 percent of its crude imports from Iran in January-June. Overall imports by Essar rose nearly 17 percent during January-June to 284,400 bpd, the data shows." (Reuters, "India Essar's June Iran oil imports soar, break 3 mth trend," 7/19/2012)

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"India's biggest buyer of Iranian oil may only import one-fifth of the 3.3 million barrels of crude it had scheduled for July due to insurance and shipping difficulties caused by European Union sanctions on Tehran, industry sources said.

The possible drop in imports by state-owned refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) underscores the problems the EU sanctions, which ban most of the world's major insurance firms from covering shipments of Iranian oil, have created for Iran's major Asian customers China, India and Japan since coming into effect on July 1.

Along with U.S. sanctions, the EU measures, which include an oil embargo, has so far halved Iran's year-on-year oil sales…India had initially allowed state-owned refiners to use Iranian tankers to ship oil purchases from Iran but swiftly backtracked to benefit its own shipping industry, stipulating that state-run oil firms must use Indian ships and allowing limited coverage by state-run insurers for Iranian cargoes. 

Private energy firm Essar Oil, which is not restricted by the government's shipping and insurance regulations on Iran, on Wednesday received 2 million barrels of oil in an NITC tanker." (Reuters, "India's main Iran oil buyer may cut July imports," 6/12/12)

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"India's Essar Oil, one of Iran's key Indian clients, has significantly reduced purchases from the santions-hit nation in May and switched to Latin American grades, which accounted for about a third of its overall imports during the month, tanker discharge data made available to Reuters show. Essar, which earlier this week completed an expansion of its Vadinar refinery in western Gujarat state to double capacity to 400,000 barrels per day (bpd), stepped up imports from Iran in January-March to meet last fiscal year's commitment and build stocks by July when tighter sanctions come into effect, making payments, insurance and supplies more uncertain.It bought about 33,000 bpd in May, down more than 70 percent both from April and a year ago. In April its Iranian oil imports declined by about a quarter from March and 6 percent from a year ago. Essar got nearly half its crude imports from Iran in January-May. Overall imports by Essar rose 16 percent during January-May, the data shows. The refiner significantly raised imports from Iraq in May, to replace Iranian volumes. Essar, whose crude slate comprises mainly Middle Eastern grades, also made a rare purchase of Venezuela's Leona 22 grade and Brazil's Jubarte oil in April-May, as the complexity of its plant has also been increased to process heavy and ultra heavy grades. Essar imported about 127,000 bpd oil from Iran in January-May, data showed." (Reuters, "India Essar's May Iran imports down over 70 pct- Trade," 6/8/12)

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"India does not allow state refiners to import oil on a delivered basis, a facility which privately-run Essar Oil has begun using." (Reuters, "Indian refiner MRPL turns to Iran for oil insurance -sources," 5/21/2012)

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"Essar Oil Ltd. (ESOIL),  the operator of India's  second-largest non-state refinery, provisionally hired a crude tanker to load from the Iranian port of Kharg Island, shipping data show...  Rabin Ghosh, a Mumbai-based spokesman for Essar, declined to comment." (Bloomberg, "Essar Refinery in India Makes Preliminary Booking of Iran Crude," 5/10/2012)

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"Iran is poised to lose at least 192,000 barrels a day of crude-supply contracts, or about 9.5 percent of its global exports, as Asian buyers curb purchases amid western sanctions targeting the nation's oil trade. Mangalore Refinery & Petrochemicals Ltd. (MRPL) and Essar Oil Ltd., India's biggest buyers of Iranian crude, and China International United Petroleum & Chemical Co. have reduced or plan to cut purchases from the Islamic Republic by as much as 15 percent. China and India are Iran's largest customers. In Japan, the only Asian country to get an exemption from U.S. sanctions after it demonstrated reductions in purchases, Cosmo Oil Co. plans to cut imports by 25 percent, while JX Nippon Oil & Energy Corp. suspended talks with the Persian Gulf nation over a 10,000 barrel-a-day contract." (Bloomberg, "Iran May Lose 9.5% of Oil Contracts as Asian Buyers Cut Imports," 5/3/12)

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"India's top two importers of crude oil from Iran will reduce shipments from the Persian Gulf nation by at least 15% this financial year, the latest sign that New Delhi is playing ball with Washington's efforts to shut-down Iran oil trade despite public pronouncement from Indian officials that they will continue to buy from Tehran. The government has asked state-owned Mangalore Refinery & Petrochemicals Ltd. and Essar Oil Ltd., a private company, to cut their imports in the year through March 2013 due to demands from the U.S., said two people with direct knowledge of the matter. 'Definitely, there is a lot of pressure from the U.S.,' one of the people said. A spokesman for India's oil ministry did not immediately respond to a request for comment." (WSJ, "Under U.S Pressure, India to Cut Iran Imports," 5/2/12)

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According to its website, "Essar Oil is a fully integrated oil & gas company of international scale with strong presence across the hydrocarbon value chain from exploration & production to oil retail. It has a global portfolio of onshore and offshore oil & gas blocks, with about 45,000 sq km available for exploration. Essar Oil has over 300,000 bpsd (barrels per stream-day) of crude refining capacity that is being expanded to 750,000 bpsd. There are over 1,300 Essar-branded oil retail outlets in various parts of India" (Company Website).

Essar Oil is part of the Essar Group, a “multinational conglomerate and a leading player in the sectors of Steel, Oil & Gas, Power, Communications, Shipping Ports & Logistics, Construction and Minerals. With operations in more than 20 countries across five continents, the group employs 60,000 people, with revenues of about USD 15 billion” (Company Website).

Essar’s 10.5 mtpa refinery in Vadinar, Gujarat “has the capability to produce petrol and diesel suitable for use in India as well as advanced international markets” (Company Website).

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"The top Indian oil importer in the first quarter was Essar Oil, buying 142,000 bpd compared with 88,000 bpd in the first quarter of 2011, the Petrologistics data showed. Essar plans to expand its refining capacity and will raise the capacity of its giant Vadinar refinery to 405,000 bpd this year." (Reuters, "India replaces China as Iran's top oil client," 4/13/2012)

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As of April 2010, Essar Oil imports 50 thousand barrels of crude oil per day from Iran. (Reuters, "Iran’s Crude Oil Buyers in Europe, Asia," April 18 2010)

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"So keen is the Essar Group to keep its plans for a $1.6 billion steel plant in Minnesota safe, that it has agreed to back away from a proposed oil refinery in Iran. In a letter to Minnesota Gov. Tim Pawlenty dated Oct. 31, Essar Group’s Americas president, Madhu Vuppuluri, said the company was exploring the possibility of building a refinery in Iran and bidding on exploration blocks, but would adhere to U.S. regulations limiting companies’ operations in the country." (Forbes, "Essar Backs Off On Iran," 11/1/2007)

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Essar continued to develop its business in Iran as of 2006, as mentioned in an article listed under Essar media reports from that year: “Essar Global is also expanding its base in Qatar, Iran and Sharjah” (Business Standard, "Essar to raise $530 mn, pledges Hutch stake part," October 05, 2006).

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Essar’s growing trade with Iran in the early 2000s was described in a media report found on the Essar company website: “The Essar group intends to increase import of crude from Iran and export of steel - produced by Essar Steel - to the West Asian country in a big way." "This is apart from the Indian industry's overall attempt to increase exports to Iran as the balance of trade is currently heavily tilted in its favour.” “The Chairman of the Essar Group, Mr Shashikant N. Ruia, told Business Line: ‘We will be exploring the possibility of increasing our trade with Iranian companies in general.’ Mr Ruia is a member of the high-powered trade delegation of the Federation of Indian Chambers of Commerce and Industry (FICCI) to Iran” (Business Line, "Essar to increase trade with Iran," April 08, 2001).