Indian oil refineries pay $700 million to Iran

Essar Oil, Mangalore Refinery and Petrochemicals and other Indian refineries paid the second installment of $700 million to Iran today.
This is the final installment before India eases international sanctions against the Persian Gulf country.

Essar Oil paid a whopping $338 million and MRPL payed a hefty $299 million. IOC paid another $60 million while Hindustan Petroleum Corp (HPCL) paid $3 million.

Today’s payments came on top of $700 million the four refiners had cleared on September 30.

Image credit: Indiatimes