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.
Essar Oil Settles $2.5 bln Iran Oil Sues, Still Owes
Essar Oil has settled about 2 billion euros ($2.5 billion) in dues to Iran to cover previous oil purchases and still owes the country about $616 million, Chief Executive B. Anand said on Thursday. The outstanding payments stem from delays in paying for Iranian oil when the country was under international sanctions over its nuclear programme. The sanctions ended in 2016. The new Rosneft-led management, as part of the $12.9 billion acquisition of Essar Oil, took the decision to repay the dues owed to Iran.
Indian Oil Corp Mulls PDVSA Crude Buys
Crude orders could help Venezuela settle unpaid bills; but doubts remain as to whether PDVSA can supply more crude. Indian Oil Corp is considering buying Venezuelan crude for the first time in at least six years, in a move that could help the crisis-struck South American nation settle unpaid bills with another state-owned Indian energy firm. The OPEC-member's economy has collapsed since crude prices plummeted in 2014, forcing it to delay payments for oil services and fuel supplies. Venezuela depends on oil for more than 90 percent of its export revenues.
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…
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.
Asia Could Import more Venezuelan Crude if U.S. Sanctions Hit
North Asian refiners keen to buy; Indian refiners may raise Venezuela purchases as well. Asia would be the biggest beneficiary of any potential sanctions by the United States on Venezuela's oil sector, said traders and analysts, as exports from the South American OPEC member could be redirected to the region, filling a vacuum left by producer supply cuts. Washington is considering sanctions on Venezuela's oil industry in response to the ruling Socialist Party's crackdown on officials and parties opposed to the government.
Rosneft Plans to Close Essar Deal Soon
Russia's Rosneft plans to close the deal to buy a stake in India's refiner Essar Oil in the coming days, Pavel Fyodorov, Rosneft first vice-president, told a conference call on Tuesday. He added that Rosneft had made around $6 billion in pre-payments to Venezuelan state company PDVSA and had no immediate plans to make any further advance payments soon. (Reporting by Oksana Kobzeva and Olesya Astakhova; writing by Katya Golubkova)
Rosneft to Complete Essar Deal in Nearest Future
Russian largest oil producer Rosneft said on Wednesday that it plans to complete the deal to acquire a 49 percent stake in India's Essar Oil in the "nearest future". The closure of the $12.9 billion deal, signed last year, has been held up by creditor banks to Essar and some regulatory approvals. Rosneft said all the necessary legal approvals have been received by the purchasers and sellers. "The parties received no additional inquiries from the Indian Authorities. Excluding the (Vadinar) port from the deal is not being considered by the parties," it said.
Rosneft Expects to Acquire Essar Oil by Q2
Russia's largest oil producer Rosneft expects to complete the acquisition of Indian refiner Essar Oil by the end of this quarter, Rosneft's chief financial officer Pavel Fedorov said during a conference call on Wednesday. The $12.9 billion deal, in which Rosneft is set to take a 49 percent stake in Essar to pursue its global expansion, was initially expected to close by the end of March. (Reporting by Vladimir Soldatkin; Writing by Dmitry Soloyov)
Rosneft's Bid for Essar Delayed
Essar Oil deal is biggest foreign acquisition in India; over a dozen Indian banks must approve deal. The purchase of Indian refiner Essar Oil by a consortium led by Russian oil company Rosneft has been delayed by a few weeks, the two sides said on Friday, because some Indian lenders to Essar have yet to sign off on the deal. The $12.9 billion deal, in which Rosneft is set to take a 49 percent stake in Essar to pursue its global expansion, was expected to close by the end of this month.
VTB Says Essar Acquisition Nearly Complete
The completion stage of the deal to acquire Indian oil refiner Essar Oil, led by Russian oil company Rosneft, will start on March 31, Yuri Soloviev, first deputy CEO of Russia's VTB bank, said on Wednesday. "We hope to finish it this week, it will take 19 days to settle all the payments," he told reporters, adding that the deal required approval from 18 Indian banks. Rosneft will acquire a 49 percent stake in Essar and another 49 percent will be shared between commodities trader Trafigura and Russian private investment group United Capital Partners.
Essar Oil Hits Record Profits
Essar Oil Limited today announced to its shareholders that it had recorded its highest ever EBITDA, PAT and GRMs in FY 2015-16 at the 26th Annual General Meeting in Vadinar, Gujarat. In FY2015-16, the company achieved its highest ever EBIDTA of Rs 7,773 crore, which was 35% higher than the previous year. The Profit after Tax was also at a new high of Rs 2,162 crore--a rise of 42% from FY2014-15. The total throughput of the refinery stood at 19.1 MMT in FY 2015-16, compared to 20.49 MMT in the previous year.
Vitol Bets on Retail Model as it Hopes to Grow
Vitol invests in gas stations from Turkey to Pakistan; increases presence in growing consumer markets. From Pakistan to Turkey, the world's largest independent oil trader Vitol is betting on a spike in gasoline and diesel demand in young and growing nations by snapping up filling stations that disappointed oil companies are prepared to sell. With the sharp drop in global oil prices, major integrated oil companies have been shedding assets, including the marginally profitable retail outlets, to cut costs.
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…
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…
Essar to Boost Vadinar Refinery GRM by $1.50/bb
Essar Oil Limited’s 20 MTPA Vadinar refinery is looking at earning an additional $1.50 (per barrel of crude) on its Gross Refinery Margin (GRM) on the back of Rs 1,600 crore of investments. The company has already invested Rs 400 crore during a 28-day planned shutdown of the refinery in September-October last year. A further Rs 1,200 crore will be invested to make additional upgrades in the various refinery units over the next 2-3 years. The shutdown or turnaround activity involved not just routine inspection and maintenance…
Essar Oil's fuel exports to fall in 2018/19 as focus shifts to local sales
Indian refiner Essar Oil's fuel exports will sharply drop in 2018/19 as it ramps up local sales by doubling its retail network and turns some of its naphtha into profitable gasoline, its managing director said. Rising fuel demand, driven by India's thirst for gasoline, is expected to help push the growth rate in the country's fuel consumption ahead of China's. Essar Oil, which operates the 400,000 barrels per day Vadinar refinery in western Gujarat state, directly sells gasoil and gasoline in the retail market through 2…
Essar’s Vadinar Refinery Wins PetroFed Award
Essar Oil’s 20 MTPA Vadinar refinery received the coveted “Refinery of the Year’’ award by Petroleum Federation of India (PetroFed). Mr Lalit Kumar Gupta, Managing Director & Chief Executive Officer, and Mr C Manoharan, Director-Refinery, accepted the award at a glittering ceremony in New Delhi on 8 August 2016. This is the second instance that the refinery has received the award, after having won it for the first time in 2011. Essar Oil’s Vadinar refinery was conferred with the award based on its performance measured in terms of production and operating efficiency…
Russian firms, Trafigura to buy Essar Oil
Russian oil major Rosneft, along with European trader Trafigura and Russian fund UCP, will acquire 98 percent in India's Essar Oil for about $12-$13 billion, two sources with direct knowledge of the deal told Reuters on Thursday. Rosneft will get 49 percent and the two investors - Trafigura and UCP - will hold the remaining 49 percent in equal parts, the sources said. Reporting by Nidhi Verma
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…
