India's April Crude Processing in Biggest Drop Since 2003
India's crude oil processing in April slumped by 28.8% from a year earlier, its biggest drop since at least 2003, as a nationwide lockdown weighed on fuel demand and forced refiners to cut production.Refiners processed about…
Trafigura Takes a Bet with North Sea Oil
Commodities trader Trafigura has seized the moment and taken a rare dominant position in the North Sea crude market over the past two weeks as oil demand jumped, trading sources said.A combination of OPEC-led global production cuts…
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…
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…
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…
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…
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…
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…
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.
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…
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…
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)…
