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Essar Group

India

 

Essar continues to import Iranian crude oil. In February 2012, The Wall Street Journal reported that the company was planning on continuing its purchase of 100,000 barrels of crude oil per day through March 2013 (The Wall Street Journal, February 17, 2012).

By early 2014, Essar increased its imports of Iranian crude oil as sanctions eased, according to Reuters. In January, 2014, Essar imported 141,900 bpd from Iran  (Reuters, February, 25, 2014).

Date: January 2007 – October 2007

Deal: Reuters reported that in January 2007, Iran's state oil refining company was in discussions with Essar Group to build a new 300,000 barrel per day (bpd) refinery in Bandar Abbas for an investment estimated at over $2 billion (PIN & Reuters, January 7, 2007).

In October 2007, Forbes reported that Essar had agreed to scuttle its Iranian refinery deal. Minnesota Governor Tim Pawlenty called Essar's Iranian operations into question when the company attempted to purchase Minnesota Steel (Forbes, November 1, 2007).

Ties to U.S. Business: In addition to Essar Group's purchase of Minnesota Steel company, Essar has received contracts from the U.S. government. According to USASpending.gov, between 2005 and 2008, Essar Global Limited, a subsidiary of Essar Group, received over $26 million from the federal government (USASpending.gov, accessed June 24, 2010).

Last Updated: July 8, 2014