IOC, MRPL, Essar Oil pay Rs 700 million to Iran towards oil dues

Indian Oil Corporation, Essar Oil, Mangalore Refinery and Petrochemicals and other Indian refiners on Tuesday paid the second instalment of $700 mn to Iran to clear part of their outstanding oil dues. This is the second payment by Indian refiners this year ahead of easing of international sanctions against Iran. Essar Oil paid $338 mn while MRPL remitted $299 mn, sources said. IOC paid another $60 mn while Hindustan Petroleum Corp (HPCL) paid $3 million.