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India's debt-laden <keyword id="6425677" type="CITY" weightage="20" keywordseo="Essar-Group">Essar Group</keyword> confirmed on Saturday that it has agreed to sell a 98 % interest in its <keyword id="6377011" type="COMPANY" weightage="20" keywordseo="Essar-Oil">Essar Oil</keyword> unit to a consortium led by <keyword id="6358826" type="COUNTRY" weightage="100" keywordseo="Russia">Russia</keyword>'s <keyword id="174417" type="COMPANY" weightage="100" keywordseo="Rosneft">Rosneft</keyword>, giving the energy giant a gateway into the world's fastest growing fuel market. 
 The deal will see Rosneft, along with its partners <keyword id="6466292" type="CITY" weightage="20" keywordseo="Trafigura">Trafigura</keyword> and <keyword id="3750775" type="UNKNOWN" weightage="20" keywordseo="united-capital-partners">United Capital Partners</keyword> (UCP), pay $10.9 billion for <keyword id="6368035" type="CITY" weightage="100" keywordseo="essar">Essar</keyword>'s refining and retail assets. Separately, $2 billion will be paid toward the acquisition of the <keyword id="6400401" type="COMPANY" weightage="20" keywordseo="Vadinar">Vadinar</keyword> port in the western state of <keyword id="6354766" type="COMPANY" weightage="20" keywordseo="Gujarat">Gujarat</keyword>, along with certain import and export facilities. 
 Sources familiar with the matter had told <keyword id="76338" type="CITY" weightage="20" keywordseo="Reuters">Reuters</keyword> on Friday that a deal was imminent. It will give Rosneft a 49 % stake in Essar Oil, with 49 percent being split equally between Trafigura and UCP. The deal was carefully structured to avoid falling foul of western sanctions against Russia over its role in the <keyword id="6355101" type="COUNTRY" weightage="20" keywordseo="Ukraine">Ukraine</keyword> crisis. 
 "Rosneft will not get a controlling stake, partly because of these reasons (sanctions)", <keyword id="2636824" type="UNKNOWN" weightage="20" keywordseo="Andrey-Kostin">Andrey Kostin</keyword>, head of Russian lender <keyword id="367587" type="COMPANY" weightage="20" keywordseo="VTB">VTB</keyword> which advised Essar on the deal, told Reuters. 
 The deal helps Russia to deepen economic ties with India that stretch back to the Soviet era. The purchase is the biggest foreign acquisition ever in India and Russia's largest outbound deal, according to <keyword id="6407190" type="CITY" weightage="20" keywordseo="Thomson-Reuters">Thomson Reuters</keyword> data. It was finalised after Indian Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> and Russian President <keyword id="43440" type="PERSON" weightage="20" keywordseo="Vladimir-Putin">Vladimir Putin</keyword> met at a summit in the western state of Goa on Saturday. 
The all-cash deal will give Rosneft and its partners control of Essar's 20 million tonne refinery in Gujarat, and its retail fuel outlets in India, where growth for refined petroleum goods in the next five years is expected to be in the 5 percent to 7 percent range. 
 "Rosneft is entering one of the most promising and fast-growing world markets," said its Chief Executive <keyword id="288201" type="PERSON" weightage="20" keywordseo="Igor-Sechin">Igor Sechin</keyword> in a statement, adding that the deal gives it "unique opportunities for synergies" with its existing assets. 
 
Separately, Rosneft said it would use Venezuelan crude to supply the Vadinar refinery. 
 
The closing of the transaction is conditional on receiving requisite regulatory approvals that are expected before the end of the first quarter of 2017. 
 The deal also reduces some of the pressure on Essar, which is controlled by the billionaire <keyword id="172583" type="COMPANY" weightage="20" keywordseo="Ruia">Ruia</keyword> brothers. The group has a presence in oil and gas, steel, ports and power, and has been under pressure from its lenders to reduce its debt burden. 
 
In parallel with the deal, Russian lender VTB said on Saturday it would lend Essar about $3.9 billion toward debt reconstruction. 
 <keyword id="45875" type="PERSON" weightage="20" keywordseo="Chanda-Kochhar">Chanda Kochhar</keyword>, chief executive of <keyword id="201394" type="COMPANY" weightage="20" keywordseo="ICICI-Bank-Ltd">ICICI Bank Ltd</keyword> - one of Essar's top lenders - welcomed the deal, noting that it has been working closely with Essar to deleverage its stressed balance sheet.

India's biggest deal worth Rs 72,800 crores: Essar oil sells
to Russia's Rosneft

<ul class="summary-list"><li>Millions of barrels of Russian oil heading to India never reached their destination, per Bloomberg.</li><li>The tankers holding the cargoes are now idling at sea. </li></ul>Roughly five million barrels of Russian oil that was on the way to India never reached their destination, according to a <a href="https://www.bloomberg.com/news/articles/2023-12-20/russia-s-sokol-oil-gets-stuck-on-tankers-while-en-route-to-india?srnd=markets-vp" target="_blank" rel="noopener">Bloomberg</a> report. The cargoes of Russia's Sokol grade crude were supposed to arrive over the past four weeks, but instead the relevant tankers are idling at sea, miles out from their intended ports.It's unclear why the ships haven't arrived, per the report, but sanctions on sellers moving Russian crude above the $60 price cap set by G7 nations may be part of the explanation.The US Treasury has sanctioned eight ships tied to the crude cargoes since October, with six of them owned by Russia's Sovcomflot PJSC.One vessel, which was headed to the port Vadinar in India, has been idle since November 16 near Sri Lanka, Bloomberg reported. Two more Sovcomflot ships heading to the same place have joined it in the past week. Meanwhile, three other ships heading to the Paradip port in east India should have arrived by now but have not. The issue comes as <a href="https://markets.businessinsider.com/news/commodities/oil-market-supply-russia-opec-saudi-arabia-us-production-commodities-2023-12">Russia's weekly oil flows rose to the highest level in five months</a> in the seven days up to December 10, Bloomberg shipping data showed. Exports in that stretch hit 3.76 million barrels a day.That increase comes as OPEC+ have committed to reducing crude production to help stabilize prices. The group plans to cut production by a total of <a href="https://markets.businessinsider.com/news/commodities/oil-price-crash-opec-saudi-arabia-us-production-brent-outlook-2023-12?utm_medium=ingest&amp;utm_source=markets">2.2 million barrels a day</a> through the first quarter of 2024, with some of that coming from Russia.Oil prices have softened over recent weeks amid a <a href="https://markets.businessinsider.com/news/commodities/oil-prices-today-outlook-crash-demand-supply-crude-energy-saudi-2023-12">US production boom and an uncertain demand outlook</a>. On Wednesday, <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate</a> moved 1.69% higher to $75.18 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 1.51% to $80.46 a barrel.

5 million barrels of Russian oil on the way to India never arrived

<ul class="summary-list"><li>A Russian oil ship has been floating 1,600 miles off the shores of India for 10 days.</li><li>Bloomberg reports the ship was unable to dock and is awaiting instructions from the Indian government.</li></ul>A Russian oil ship has been drifting 1,600 miles off the coasts of India as the nation mulls whether or not to let the ship dock. The NS Century oil tanker was on track to dock in India after completing its journey from South Korea, but has now been adrift for 10 days, Bloomberg reported on Monday. That's because Indian officials are struggling with the decision over whether or not to let the tanker unload its cargo, with instructions still yet to be sent from the Indian government, India's Directorate Generale of Shipping said.The ship was on track to land at India's Vadinar port, where the Indian Oil Corp has a facility and Nayara Energy, the Indo-Russian energy giant, has a refinery. But the NS Century's cargo doesn't belong to Nayara's refinery, a Nayara spokesperson told Bloomberg on Monday.Nayara and Indian Oil Corp. did not immediately respond to Business Insider's requests for comment on the ship or its cargo.That debate over whether or not the ship can dock comes shortly after the West has moved to tighten restrictions on Russian oil, with the US sanctioning five shipping vessels, including the NS Century, for trading Russian oil above the G7's $60 price cap last week.The cap is part of an attempt to curb Moscow's energy revenue as Russia's invasion of Ukraine drags on, an issue India has chosen to stay strategically neutral on since the war began in 2022, though the country<a href="https://markets.businessinsider.com/news/commodities/china-india-russian-oil-crude-moscow-war-ukraine-volumes-kpler-2023-4"> was among Russia's top oil customers</a> last year, Kpler data shows.India is under pressure to remain on good terms with the US, and Russian oil shipments sent to India have recently encountered a few hiccups as <a href="https://markets.businessinsider.com/news/currencies/india-russia-oil-imports-china-yuan-dirham-currency-rupee-crude-2023-10">India grows uneasy</a> of paying for crude using China's yuan. As of October, the nation had at least seven oil shipments from Russia that had not been paid, Reuters originally reported.

A Russian oil ship has been floating 1,600 miles off the shore of India for over a week as officials mull whether to let the sanctioned tanker dock

Concerns are growing that <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> is being used as a potential back door into <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword> for Russian oil supplies, given the surge in imports, media reports said. The huge blue and red hull of the SCF Primorye came into port at Vadinar in western Gujarat earlier this month. The 84,000-tonne oil tanker, built in 2009 and sailing under the Liberian flag, had arrived from the port at Ust-Luga, a settlement in <keyword id="6358826" type="General" weightage="50" keywordseo="russia" source="Orion">Russia</keyword> near the border with Estonia, The Guardian reported. Until 2017, the Vadinar oil refinery was controlled by Essar � the Indian owner of the Stanlow refinery in Ellesmere Port. Since then a consortium including the sanctioned Russian state-owned oil firm Rosneft and the commodities trader Trafigura, which holds a 24.5 per cent stake, have owned Nayara Energy, which runs the refinery, it said. The tanker's arrival came as India ramped up imports of Russian oil. The nation's willingness to snap up Russian crude at discounts of up to 30 per cent has undermined efforts from the US, Europe, and the UK to deplete Russian President <keyword id="43440" type="General" weightage="50" keywordseo="vladimir-putin" source="Orion">Vladimir Putin</keyword>'s war coffers by curtailing imports. Russia raked in $20bn from oil exports in May, bouncing back to pre-invasion levels. Now, concerns are growing that India is being used as a potential back door into Europe for Russian oil supplies,given the surge in imports, The Guardian said. Before the invasion of Ukraine, India's imports of Russian oil were negligible due to high freight costs. But recently, imports of Russian oil to India have increased. The volumes that India has been buying and exporting, however, suggest that some of the refined Russian crude may ultimately be used in Europe's filling stations. It is not clear where the Russian crude brought into Vadinar on the SCF Primorye will be used. Vadinar's owner declined to comment on the shipment or whether it was shipping Russian oil to Europe, The Guardian reported. In May, India imported about 800,000 barrels of oil per day from Russia in Mayand the rating agency Fitch predicts that imports could soon increase further to 1m barrels per day, or 20 per cent of India's total imports. India, <keyword id="1334" type="General" weightage="50" keywordseo="china" source="Orion">China</keyword> and the United Arab Emirates have picked up the slack as Russian crude oil imports into the EU fell by 18 per cent in May. Putin told the Brics (Brazil, Russia, India, China and South Africa) business summit this week that "Russian oil supplies to China and India are growing noticeably". India's 1.4 billion-strong population gives it reason to seek cheap supplies. But it's a dangerous political game. "India is walking a tightrope," said Alan Gelder, the Vice President of Refining, Chemicals, and Oil Markets at Wood Mackenzie. "If you take too much, you do not want the west to sanction the rest of your economy," The Guardian reported. The Centre for Research on Energy and Clean Air said Jamnagar refinery in Gujarat received 27 per cent of its oil from Russia in May, up from 5 per cent in April. It said about 20 per cent of exported cargoes from Jamnagar left for the Suez Canal, indicating that they were heading to Europe or the US. Shipments were made to France, Italy, and the UK. However, there is no evidence that these shipments included Russian oil, The Guardian reported. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/netflix-confirms-an-ad-supported-tier-is-coming-to-its-streaming-service-by-year-end/articleshow/92438291.cms">Netflix confirms an ad supported tier is coming to its streaming service by year end</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/accenture-cognizant-could-see-revenue-growth-but-a-strong-us-dollar-could-spoil-the-party/articleshow/92437466.cms">Accenture, Cognizant could see revenue growth but a strong US dollar could spoil the party</a>

India might be used as a 'back door' for Russian oil, say media reports

<keyword id="9450522" type="UNKNOWN" weightage="20" keywordseo="indian-oil-refineries">Indian oil refineries</keyword> improved operating run rate to an average of 77 per cent of capacity in May as easing of <keyword id="8976170" type="UNKNOWN" weightage="20" keywordseo="lockdown-restrictions">lockdown restrictions</keyword> helped bring back some of the lost fuel demand, according to oil ministry data. Refineries, which had in April cut down operating rate to as low as 30-40 per cent as lockdown took most vehicles off road, processed 16.34 million tonnes of crude oil in May, 11 per cent more than April but 24 per cent less than a year earlier. <keyword id="6487" type="COMPANY" weightage="20" keywordseo="Reliance-Industries-Ltd">Reliance Industries Ltd</keyword>, which operates the world's biggest oil refining complex at Jamnagar in Gujarat, cut crude processing for a third straight month in May. Its twin refineries operated at an average capacity of 91.72 per cent in May, down from 94.8 per cent in April and 95.4 per cent in March. RIL refineries processed 5.312 million tonnes of crude oil in May, down 12.5 per cent over the previous year. The units had processed 5.314 million tonnes in April. The units produced 6.53 million tonnes of petroleum products in May, down from 7.13 million tonnes a year ago and 6.76 million tonnes in April 2020. Indian Oil Corp (IOC), the nation's biggest oil firm, operated its nine refineries at an average rate of 72.8 per cent in May, up from 53.2 per cent in April. Rosneft-backed Nayara Energy's 20 million tonnes a year Vadinar refinery in Gujarat ran at 91.9 per cent of capacity in May, up from 85.3 per cent capacity in April. India's crude oil production fell 7 per cent to 2.6 million tonnes in May but was higher than April's 2.54 million tonnes. ONGC output was down 2.3 per cent at 1.72 million tonnes mainly due to lower offtake by industries that had been shut due to lockdown. Fields operated by private firms produced over 18 per cent less crude oil, mostly due to lower output from Cairn-operated Rajasthan block. Natural gas production in May dropped 16 per cent to 2.3 billion cubic metres as shutting down of user industries forced companies such as ONGC to cut production. Oil and Natural Gas Corp's (ONGC) output was down 13.2 per cent at 1.8 bcm. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-airtel-share-price-may-gain-as-broadband-plan-rates-fall/articleshow/76525187.cms" data-type="tilCustomLink">Home broadband bills could come down if government cuts its share⁠ — big boost for Reliance Jio and Airtel</a> <a href="https://www.businessinsider.in/india/news/checkout-jagannath-rath-yatra-2020-images-pictures-without-the-lakhs-of-devotees/slidelist/76528249.cms" data-type="tilCustomLink">Contrasting images of the iconic Puri Jagannath Rath Yatra from 2020 and 2019 – without the lakhs of devotees</a>

Oil refineries improve run rate; Reliance cuts crude processing for 3rd straight month

New Delhi, Apr 23 () Reliance Industries Ltd has cut crude oil processing at its exports-only refinery at Jamnagar in Gujarat in March by close to one-fourth as it joins public sector oil firms in cutting run-rate to align production with a coronavirus-induced slump in fuel consumption. RIL's 35.2 million tonnes a year SEZ refinery processed 2.51 million tonnes of crude oil into fuel in March, a drop of 24 per cent year-on-year, according to data released by the Ministry of Petroleum and Natural Gas on Thursday. However, the company's older refinery at the same site processed 5.7 per cent more crude at 3.01 million tonnes. Refiners started to cut down on crude processing only in the latter half of March after travel restrictions first imposed by states followed by a nationwide lockdown beginning March 25 evaporated fuel demand. Fuel demand in nations where Indian refiners exported products like diesel and petrol has also stalled following the outbreak of the pandemic. Public sector refineries in India processed almost 4 per cent less fuel in March. Private sector Nayara Energy's Vadinar refinery in Gujarat too cut crude processing by a similar proportion. The data showed that RIL's SEZ refinery operated at 83.98 per cent capacity in March, as compared to 110.51 per cent capacity utilisation in the same month a year back. Its old refinery, that caters predominately to the domestic market, operated at 101.67 per cent of its 33 million tonnes a year capacity. PSU refineries operated at 101 per cent of their installed capacity as they used cheap crude to fill depots and storage bunks. RIL's twin refineries at Jamnagar produced 4.16 per cent more petroleum products in March at 7.3 million tonnes. Nayara Energy produced 3.33 per cent fewer petroleum products at 1.64 million tonnes while PSU refineries produced almost 2 per cent less product at 11.95 million tonnes. Overall, Indian refineries processed 5.7 per cent less crude oil at 21.2 million tonnes in March and produced 22.9 million tonnes of petroleum products. Prime Minister Narendra Modi had announced a 21-day lockdown beginning March 25, shutting offices and factories, barring those involved in essential services. Also, flights were suspended, trains stopped plying, vehicles went off the road and cargo movement stopped as most people were asked to stay home to help check the spread of coronavirus. The lockdown has been extended till May 3. In March 2020, the country's petroleum product consumption fell 17.79 per cent to 16.08 million tonnes. Diesel, the most consumed fuel in the country, saw demand contract by 24.23 per cent to 5.65 million tonnes. This is the biggest fall in diesel consumption the country has recorded as most trucks went off-road and railways stopped plying trains. Petrol sales dropped 16.37 per cent to 2.15 million tonnes, while ATF consumption fell 32.4 per cent to 4,84,000 tonnes. However, LPG sales rose 1.9 per cent to 2.3 million tonnes in March. April consumption is likely to be worse with petrol sales collapsing 64 per cent, while diesel slumping by 61 per cent. Aviation turbine fuel (ATF) consumption dropped by 94 per cent as most airlines have stopped flying. ANZ DRR

Reliance cuts crude processing at Jamnagar SEZ refinery by 24 pc

New Delhi, Mar 11 () The Ruia family-owned Essar Group has embarked on the final leg of its deleveraging exercise with plans to cut down its residual debt by 70 per cent to about Rs 12,000 crore as it looks to rebuild the conglomerate post-oil and steel business selloffs. From Rs 1.83 lakh crore of debt in FY17, the group brought down the debt by a staggering Rs 1.40 lakh crore over the last three years. Now it plans to cut residual debt from Rs 42,000 crore to about Rs 12,000 crore, according to a mailer Essar sent to policymakers and bureaucrats. Post the proposed reduction of debt in the power business by over 60 per cent (Rs 12,000 crore), and similar deleveraging across its portfolio businesses, Essar would have almost cleared all its long-term debts. The remaining indebtedness is for working capital in fully operational assets. The Group said it is "poised to embark on a new phase of growth while driving growth in its existing portfolio." Despite selling the oil refinery to Russia's Rosneft and partners and losing the steel business in insolvency proceedings, the group currently has interests in oil and gas, ports, power, shipping and mining projects in India and overseas that give revenue of Rs 1 lakh crore. Essar in the mailer said, revenues are projected to rise from Rs 94,000 crore in FY19 to Rs 98,000 crore in the current fiscal and then to Rs 1,01,000 crore in 2020-21 and Rs 1,04,000 crore in the year thereafter. Indicating it has put the past behind, Essar said it is armed with a substantially lighter balance sheet after it took a conscious call of reducing its debt in response to evolving domestic and evolving economic scenario. "Our strong portfolio of companies consistently generates healthy and sustainable earnings and have combined revenue of Rs 1,00,000 crore (USD 14 billion)," it said. Essar said it has made capital investments of over Rs 2 lakh crore (about USD 28 billion) in sectors like ports, steel plants, oil refining and fuel retailing, oil and gas exploration &amp; production, power generation &amp; transmission, mining, shipping, and telecom, with substantial equity from the Essar Group. The Group said it will continue to use its entrepreneurial skills, a vast pool of human resources, and decades of experience and innovation in pursuing fresh opportunities and creating value for all its stakeholders. The Essar letter was jointly signed by promoters Ravi Ruia and Prashant Ruia. Many years back, the Group, which built India's second-largest pan-Indian telecom operations with Hutchison, sold its 33 per cent stake to Vodafone for USD 5.4 billion (Rs 28,827 crore). Later it sold its 20 million tonnes oil refinery at Vadinar and over 3,500 petrol pumps to Rosneft and partners for USD 12.9 billion (Rs 86,000 crore). Its BPO business, Aegis was monetised for USD 910 million (Rs 5,660 crore). Its steel business, which was made up of 10 million tonnes per annum plant and 20 million tonnes of pellet making capacity, went for USD 6 billion (Rs 42,000 crore) in bankruptcy proceedings to recover unpaid loans. Essar said the challenges it faced over the years did not stop it from creating world-class assets. The greenfield assets built by it have attracted significant foreign direct investment (FDI) of USD 40 billion, which is reflective of the superior and world-class quality of its assets. The Essar Oil-Rosneft deal alone saw over Rs 86,000 crore of FDI, the country's largest until date, it claimed. Essar said it currently owns businesses in the core sectors of energy, metals &amp; mining, infrastructure, services and technology. In the energy sector, Essar has commercial interests in oil, gas and coal bed methane exploration and production in India, Vietnam and Nigeria; oil refining and retailing in UK and power generation in India and Canada. In infrastructure, it operates ports and terminals in India, UK and Africa, and has commercial interests in turnkey project construction in India and the Middle East. In the metals and mining sectors, the Essar Group has exposure in iron ore mining and pelletisation and coal mining in the USA and Indonesia. In new-age services, Essar said it has business interests in digital solutions and customer experience platforms in India, Europe, and USA. "We have fulfilled our corporate social responsibility with focused community uplift programmes in areas of livelihoods and entrepreneurship, women's empowerment, health, education, infrastructure and environment. The positive impact of these initiatives makes a difference in the lives of 500,000 people from 500 villages across 8 Indian states," it said in the letter. Reminiscing the last 50 years of its journey, Essar reflected that it had to face several business and regulatory challenges along the way in its flagship steel and power businesses, "which particularly impacted us". "Committed gas supply contracts for the Essar Steel Complex were withdrawn in 2012 and allotted coal mines for power plants were canceled in 2014, leading to a partial closure of some of our prime operating assets," it said. ANZ DRR

Essar to further cut down debt by 70 pc in last leg of deleveraging exercise

<keyword id="6377011" type="COMPANY" weightage="100" keywordseo="Essar-Oil">Essar Oil</keyword> reported its highest ever quarterly profit of Rs 1,063 Crores in April-June as strong <keyword id="6394038" type="PERSON" weightage="100" keywordseo="refinery">refinery</keyword> margins boost revenues by around 54%. The company posted a net profit of Rs 1,063 Crores in April-June as opposed to Rs 691 Crores in the same period of the last fiscal. 
 
The company operates a 20 million tons a year refinery at Vadinar in Gujarat, and earned $11.05 for refining each barrel as opposed to $9.04 last fiscal. 
 
Image credit: Indiatimes

Essar Oil posts record Rs 1,063 Crores Q1 profit

Essar Oil is selling 49% stake to Russia’s top oil producer <keyword id="174417" type="COMPANY" weightage="100" keywordseo="Rosneft">Rosneft</keyword> for around $3.2 billion. 
 
After this move, Rosneft will get a hold in India's second biggest oil refinery and 1,600 petrol pumps. 
 
Reportedly, Rosneft will also supply 10 million tonnes a year of crude to Essar Oil's 20 million tonnes per annum Vadinar refinery in Gujarat for 10 years. 
 Essar Oil, in a statement, said that Rosneft and Essar Oil &amp; Gas Ltd / <keyword id="280431" type="COMPANY" weightage="100" keywordseo="Essar-Energy-Holdings-Ltd">Essar Energy Holdings Ltd</keyword>, companies incorporated and managed under the laws of Mauritius, have signed a non-binding Term Sheet with regard to Rosneft's participation in the equity capital of <keyword id="64884" type="COMPANY" weightage="100" keywordseo="Essar-Oil-Ltd">Essar Oil Ltd</keyword> with a share of up to 49%. 
 
However, news agency PTI reported that the deal does not include Essar Oil's upstream portfolio comprising of five CBM blocks, holding up to 10 trillion cubic feet of gas resource as well as Ratna and R-Series oil and gas fields in the western offshore. 
 
Promoter Ruia family hold 90.5% of Essar Oil. Out of this, 65.6% is in the form of overseas depository shares. 
 
As per reports, Essar may cut imports from Iran to accommodate Russian barrels. 
 
Rosneft is majority owned by the Russian government with BP Plc holding under a 20% stake and public shareholding at around 10%. 
 
Meanwhile, Rosneft in a statement said the crude supply agreement enables it to expand market outlet and amplifies the volume of supplies to the region, where growing points of the world's economy are concentrated. 
 
The deal, Rosneft said, also includes marketing business whereby Essar operate a retail chain of 1,600 stations located in India.

You Searched For "Vadinar" and got 9 results

India's biggest deal worth Rs 72,800 crores: Essar oil sells to Russia's Rosneft

BI India Bureau

5 million barrels of Russian oil on the way to India never arrived

Phil Rosen

A Russian oil ship has been floating 1,600 miles off the shore of India for over a week as officials mull whether to let the sanctioned tanker dock

Jennifer Sor

India might be used as a 'back door' for Russian oil, say media reports

IANS

Oil refineries improve run rate; Reliance cuts crude processing for 3rd straight month

PTI

Reliance cuts crude processing at Jamnagar SEZ refinery by 24 pc

PTI

Essar to further cut down debt by 70 pc in last leg of deleveraging exercise

PTI

Essar Oil posts record Rs 1,063 Crores Q1 profit

BI India Bureau

Essar Oil to sell 49% stake to Rosneft for $3.2 billion

BI India Bureau

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