India’s Essar Group Monday announced closure of $12.9 billion deal to sell its refining arm Essar Oil to a consortium led by Russian oil major Rosneft, boosting ties between the world’s top oil producer and the fastest growing fuel consumer.
Russia’s Rosneft, the new promoter of Essar Oil, plans to double throughput of the Vadinar refinery and create petrochemical facility in the long term, said a company spokesperson.
Union Minister Dharmendra Pradhan flagged off eleven Mobile Medical Units (MMUs) in Odisha’s Bhubaneswar.With an aim to provide healthcare in rural pockets, especially the inaccessible areas of the state, Pradhan plans to offer free primary services. The event took place yesterday.
Essar Oil said on Monday it has successfully concluded sale of 98.26 per cent to Rosneft and Trafigura-UCP consortium.
BPCL is on an expansion binge. The state-owned refiner plans to invest Rs 18,000 crore over the next five years on expansion plan which would take its refining capacity from 31 million tonne (mt) to 50 mt.
A consortium led by Russian oil major Rosneft has completed acquisition of stakes in Essar Oil and an announcement will be made today, sources said.
German Chancellor Angela Merkel warned on Sunday against a swift abandonment of diesel cars after a series of emissions scandals, saying the fuel is still needed if climate change targets are to be met.
Buoyed By Resolution of Tax Dispute, IOC Plans Additional Investment of Rs 52K crore In Paradip Refinery
IOC and the Odisha government have agreed on modalities to resolve the tax dispute following intervention from petroleum minister Dharmendra Pradhan. As part of the understanding reached between the two sides, the Odisha government has agreed to restore part of the tax incentives.
With formal resolution of tax dispute relating to its Paradip refinery now being just a matter of time , the oil PSU plans to invest additional Rs 52,000 crore in expanding capacity of the project and setting up petrochemical complex.
The Mediterranean region could soon turn into a major gas producing hub if Royal Dutch Shell Plc’s plan to pool gas from Israel, Cyprus and Egypt succeeds.
Libya’s oil sector seems to be back in action as law and order situation improves in the militancy-hit country.