Indian private refiner Essar Oil’s imports from Iran fell by three-quarters in August from a year ago, as it boosted purchases from Venezuela, according to tanker arrival data obtained from trade sources and ship-tracking services on the Thomson Reuters terminal.
French energy giant Total SA is looking for a local partner to begin retailing petrol and diesel in the fast-expanding Indian fuel market, which already has a bunch of private and foreign oil giants competing with state firms.
hashi and Ravi Ruia promoted Essar Group has concluded its biggest monetisation exercise by selling flagship Essar Oil to Russia’s energy giant Rosneft and partners Trafigura and UCP Investment Group, providing relief to lenders.
Ruias will never be able to re-enter the oil refining and retailing sector in the country as they have signed a non-compete pact with buyers of Essar Oil, Rosneft and its partners.
Reeling under debts, Ruias-promoted Essar Group intends to lower 67 per cent of its consolidated debt by using proceeds received from sale of 98.26 per cent stake in Essar Oil to Rosneft and its partners which was concluded on Monday
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.
Essar Oil said on Monday it has successfully concluded sale of 98.26 per cent to Rosneft and Trafigura-UCP consortium.
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.
Russia’s largest oil producer Rosneft said on Tuesday it had made around $6 billion in pre-payments to Venezuelan state oil company PDVSA and had no immediate plans to make any further advance payments soon.