TEHRAN, Young Journalists Club (YJC) - Rosneft will forge a partnership with China’s CEFC firm in a number of projects including exploration, production, refining, oil and oil products trading, Sechin told an industry forum in Verona.
Earlier in August, Rosneft undertook to settle over 2 billion euros ($2.4 billion) owed to Iran for past oil purchases by Essar Group after the biggest Russian oil producer bought the Indian refiner.
Iran’s crude sales to India more than doubled in 2016 after the lifting of sanctions, but New Delhi plans to cut purchases from Tehran by 3 million tonnes during the financial year that started April 1.
Essar’s debt to the National Iranian Oil Company (NIOC) is mostly related to the time when Iran was under sanctions and the country had problems for repatriation of its money.
The top Indian buyer of Iranian oil, which operates a 400,000 barrels per day oil refinery at Vadinar in Gujarat, carried out its first repayment of a $500 million debt owed to Tehran in June 2016.
While Indian refiners continued to lift Iranian oil under the sanctions, they did not do it without special incentives, including a credit period of 90 days granted by Tehran.