UANI

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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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).