Essar to continue import of crude from Iran

India8217;s crude oil supplies from Iran were under threat after the Reserve Bank of India RBI in December last year scrapped a long-standing payment mechanism used to pay for Iranian crude imports. The two countries had made temporary arrangements for payments and were negotiating a new payment system.

India imports 12-million barrels of crude oil every month from Iran.

Nayyar said the company8217;s retail business is unique in the country and will continue ramping-up its network in the coming days.

Presently,the company operates 1,381 retail fuel outlets while 254 outlets are under construction.

8220;We are setting up outlets under the 100 per cent franchise basis and it is doing well. We will continue to ramp-up our retail networks in future,8221; he said.

Nayyar said the Government should give a subsidy to private sector refiners to run their retail business smoothly.

8220;We have been requesting the Government to give subsidy to private sector refiners. But the Government has not taken any initiative,8221; he said.

The Government subsidises state-run retailers for selling diesel and cooking fuels at controlled prices.