Fire Breaks Out at Shell Chemical Plant in UK, Nearby Essar Refinery Unaffected
A fire which broke out at a Shell-owned chemical plant on the same site as Essar Oil UK's Stanlow refinery in northwestern England on Wednesday has been extinguished.Essar said that operations at its refinery were unaffected by the fire, the cause of which is currently unclear.The Shell Higher Olefins Plant (SHOP) is separated from the refinery by a road and rail tracks. Essar operates the chemical plant as well as the refinery."Earlier this afternoon, a fire occurred at the SHOP chemical plant," an Essar spokesman said.
Rosneft Seals Asian Refinery Deal with Essar Oil Purchase
Russian oil major Rosneft and partners closed their $12.9 billion purchase of Indian refiner Essar Oil on Monday, giving them a foothold in one of the world's fastest growing oil users. The deal is the first foray by Rosneft into Asia's refining sector and the biggest foreign acquisition ever in India, as well as Russia's largest outbound one. It also deepens Russian and Indian economic ties that stretch back to the Soviet era. Kremlin-controlled Rosneft and its partners - global trader Trafigura and Russian fund UCP - purchased a 98.26 percent stake in Essar Oil in a deal announced in October.
Rosneft, Trafigura Purchase Essar Oil Refinery
Rosneft to double Vadinar refinery capacity; may supply Venezuelan oil to Vadinar refinery. Russian oil major Rosneft, oil trader Trafigura and Russian fund UCP closed their $12.9 billion purchase of Indian refiner Essar Oil on Monday, giving the companies a foothold in a country that is among the world's fastest growing oil users. The purchase is the biggest foreign acquisition ever in India and Russia's largest outbound deal. It helps Russia deepen economic ties with India that stretch back to the Soviet era. Rosneft, Trafigura and UCP purchased a 98.26 percent stake in Essar Oil in a deal first announced in October.
Rosneft, Trafigura Consortium to Acquire 98% Essar Oil
Essar Energy Holdings Limited and Oil Bidco (Mauritius) Limited—companies incorporated and managed under the laws of Mauritius—the controlling shareholders of Essar Oil Limited (EOL) have entered into separate definitive agreements for the sale of 98% of EOL. The first sale and purchase agreement envisages the sale of 49% to Petrol Complex Pte. Ltd (a subsidiary of PJSC Rosneft Oil Company); the second envisages the sale of the remaining 49% to Kesani Enterprises Company Limited (owned by a consortium led by Trafigura and United Capital Partners) at an enterprise valuation of Rs 72,800 crore ($10.9 bn) (the “Transaction”).
Trafigura Mulls Minority Stake in Essar Oil
Commodities trader Trafigura Group Pte is in talks to buy a minority stake in Essar Oil Ltd, which runs India's second biggest private sector refinery, in a deal that could be valued at around $6.5 billion, Bloomberg reported. Trafigura is discussing the purchase of at least 15 percent of stake in Essar Oil while the owners of Essar Oil are interested in selling up to 30 percent, Bloomberg reported, citing people familiar with the matter. Trafigura could also get a stake in Essar's more than 2,000 retail fuel stations, a power plant and the Vadinar port, Bloomberg reported.
India Essar Eyes Sale of Gujarat Refinery
Essar Group is exploring the sale of its 405,000 barrel-per-day oil refinery in the western state of Gujarat, as the Indian conglomerate seeks funds to reduce its debt, two sources familiar with the matter said. Essar, which is controlled by the billionaire Ruia brothers and has assets in the oil and gas, steel, ports and power sectors, has faced pressure from creditors to reduce borrowing that some analysts estimate at more than $14 billion. Prime Minister Narendra Modi has made a priority of cleaning up the balance sheets of India's banks which carry more than $120 billion in troubled loans.
Indian Reforms to Unlock $40 bln of Oil & Gas
New gas price policy for deep water and difficult areas. India said on Thursday it hoped to unlock gas and oil resources worth almost $40 billion by simplifying licensing rules and offering price incentives to recover gas from difficult offshore fields. Energy demand in India far outstrips consumption, but regulated low prices for gas from prolific but challenging deepwater fields have deterred investment in the sector. Under the reforms, companies will have more freedom to set the price of gas from new discoveries and existing finds not yet in production.
Rosneft to Buy Stake in Essar's Vadinar Oil Refinery
Russia's top oil producer Rosneft said on Wednesday that it had reached a preliminary agreement with India's Essar Group about acquiring up to 49 percent of the Vadinar oil refinery in India. Rosneft also signed a deal to supply 10 million tonnes (200,000 barrels per day) of oil per year to the refinery over 10 years. (Reporting by Denis Pinchuk and Katya Golubkova, writing by Vladimir Soldatkin; Editing by Alexander Winning)
Rosneft, India Secure Oil & Gas Deals
Rosneft aims to supply 200,000 bpd oil to Essar over 10 years; Russian bank VTB to open $1 billion credit line to Essar. Russia's top oil producer Rosneft struck oil and gas deals with India on Thursday, seeking to strengthen ties with Asia and diversify its exports away from Europe, under pressure from Western sanctions. During President Vladimir Putin's one-day visit to the Soviet-era ally, Rosneft signed an initial deal to supply 10 million tonnes a year or 200,000 barrels per day (bpd) of oil to India's Essar Group over 10-years, its head Igor Sechin told reporters. Supplies could begin as early as in 2015.
Essar, Rosneft to Sign 10-Year Oil Deal
India's Essar Group will sign a long-term crude oil import deal with Russia's Rosneft during President Vladimir Putin's visit to New Delhi on Thursday, government and industry sources said on Wednesday. "Essar will sign an MoU (memorandum of understanding) with them (Rosneft)," two Indian government sources said. "The deal will be for 10 years," an industry source familiar with the matter said. Essar Group operates the 405,000 barrels per day (bpd) Vadinar refinery in the western state of Gujarat and also the 296,000 bpd Stanlow refinery in northwest England which is operating at below its capacity.
India Moves to Tighten Control on Greenpeace Funds
India has asked the central bank to tighten controls on moving funds from abroad into Greenpeace's accounts, intensifying concerns that the new government of Prime Minister Narendra Modi will be tough on foreign-funded activist groups. Modi scored a landslide election victory last month, vowing to kickstart the country's slowing economy, but his critics see him as unfriendly to opponents of big business. His government has asked the Reserve Bank of India (RBI) to obtain its permission before releasing funding from Netherlands-based Greenpeace International and the U.S.-based Climate Works Foundation…
Essar Group Plans to Sell UK Refinery
India's Essar Group plans to sell the Stanlow refinery in Britain, three sources familiar with the matter said on Wednesday. Essar is seeking to raise $500-$600 million for the plant in the northwest of England, two of the sources said. However other plants in the UK Murco's Milford Haven and the Bankrupt Petroplus's Coryton failed to find buyers. Essar Energy declined to comment. A formal sales process will be launched after all the requirements related to the delisting of Essar Energy from the London Stock Exchange, two of the sources said.
