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Vale SA is selling its stake in a Brazilian steel plant to Thyssenkrupp and India has emerged as the biggest customer for newly unsanctioned Iran’s oil.
India Will Buy Iranian Oil for 7 Years
India is set to import at least 400,000 barrels per day of Iranian oil in the year from April 1, with refiners looking to ramp up purchases after the sanctions targeting Tehran ended in January, Reuters said.
Vale to Sell its Stake in CSA
Brazilian miner Vale SA said on Monday it will sell its entire 26.87% stake in the struggling CSA steel plant to Germany’s ThyssenKrupp for a token value, in a bid to focus on core mining businesses with commodity prices at historic lows.
Vale’s announcement confirmed a Reuters report on Friday which said the world’s largest iron ore producer was planning to exit the steel venture.