The company is in the process of changing its name to Nayara Energy.
Essar shipped in about 132,500 barrels per day (bpd) of oil from Iran in March, a decline of about 41 percent from February, the data showed. Imports from Iran in March were about 46 percent higher than a year ago, the data showed.
The company, controlled by Ruia-family of Mumbai that sold Essar Oil to Russia's Rosneft for USD 12.9 billion, has completed efficiency enhancement programme, the Project Tiger Cub, following which Stanlow's annual crude oil processing is projected to go up to 72 million barrels per day from 68 million bpd, he said.
The outstanding payments stem from delays in paying for Iranian oil when the country was under international sanctions over its nuclear programme. The sanctions ended in 2016.
Russian oil major Rosneft, fund UCP and Swiss commodities trader Trafigura bought Essar Oil's large refinery, 3,500 fuel stations and infrastructure for $12.9 billion last year.
RBI had written a letter after the company breached the limit of Liberalised Remittance Scheme while issuing Global Depositary Shares.
The shareholders were initially paid Rs 262.80 per share at the time of delisting which worked out to Rs 3,064 crore for the 11.66 crore shares.
The investment in revamp of certain units of the refinery would help cut down on crude oil processing cost, improve product slate and lead to marginal increase in capacity, chief executive S Thangapandian said.
Rosneft, along with Trafigura and United Capital Partners UCP recently completed the acquisition of 98% stake in Essar Oil for $12.9-billion. The deal asserts that Indian Oil retail market is an attractive investment option for foreign investors.
Essar said it received Rs 338.28 per share and, as per its previous commitment, is sharing the same with minority shareholders.
Bankers to Essar Oil will get Rs 4,000 crore from Rosneft deal of Rs 82,740 crore (USD 12.9 billion) which will reduce Essar’s Group debt by Rs 70,000 crore
Earlier, Essar Oil's new non-executive director, Jonathan Kollek had said, "They (Essar Oil) cannot build a refinery, they cannot build petrol stations. There is a non-compete, forever."
Essar Group founder Shashi Ruia said this landmark transaction and the resultant debt reduction usher in a new phase of growth across the group portfolio.
The company said it feels the Essar brand is "very strong" and will be retaining the same at the petrol pumps.
After months of negotiations, the Essar group today announced the closure of its USD 12.9 billion deal to sell its refining arm to a consortium led by Russian oil major Rosneft.
An investment consortium comprising Trafigura and UCP has also announced the closure of their acquisition of a separate 49 percent share of EOL.
Rosneft will get a 49.13 percent stake in Essar and the Trafigura-UCP consortium via Kesani Enterprises Company Limited will get another 49.13 percent stake.
The agencies have communicated to the home ministry about their security concerns over the deal, the official, who did not wish to be named, said.
Rosneft head has that the company was working on a new strategy to counter the challenges of the global oil market and planned to pay higher 2017 dividends.
The deal, where Rosneft will hold a 49 percent stake, will allow the Russian company to increase oil refining output by 20 percent this year, he said.
"Rosneft, the Russian oil major, who recently took over Essar Oil, are planning in a bigway to tap retail fuel market in India," he told reporters after inaugurating City Gas Distribution (CGD) Project to supply eco-friendly natural gas to households, industries and transport sector, here.'
Crude oil production stood at 2.95 million tonnes in the same month last year, according to a statement by Petroleum Ministry today.
The state-run banks and financial institutions that are delaying Rosneft's biggest foreign acquisition hold about USD 500 million of Essar's debt, five industry and banking sources told Reuters.
Russian oil flows to India are expected to rise further once the Rosneft the deal to buy Essar plant is completed.
To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said.