fter acquisition of Essar Oil in August, the Rosneft-led consortium has been taking quiet strides in expanding its retail network and utilising synergies for oil supply.
Russian energy major Rosneft has agreed to take control of the main oil pipeline in Iraq’s Kurdistan, further boosting its role as the main international investor in the semi-autonomous region.
Private players such as Reliance Industries and Essar owned by Russia’s Rosneft have tripled the number of petrol and diesel outlets in India in the last two years
As a leading energy consumer, India is looking to upgrade its relationship with producing countries to a strategic one, instead of mere buyer-seller, Petroleum Minister Dharmendra Pradhan said on Monday.
Prime Minister Narendra Modi brainstormed with chief executives of top global and Indian companies, including U.K.’s BP, Russia’s Rosneft, Saudi Aramco and Reliance Industries Ltd.
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