Search Result for : Essar Oil

The Dollar Business Bureau A major deal between Essar Oil and a consortium led by Russian oil major Rosneft completed a $12.9 billion deal today. Rosneft will get a 49% stake in Essar, while the other two major investors Trafigura, a European trader and a Russian fund UCP, will hold the other 49% in equal parts. This acquisition is one of the largest outbound deals between India and Russia in recent times since the Soviet era. The consortium has picked a trading veteran from its shareholders to run the Indian operations of the newly acquired Essar oil company. The deal to acquire Essar Oil has been in the process for 2 years, with this acquisition Rosneft has gained access to Indian rising retail ...

The Dollar Business Bureau  Government-owned Oil and Natural Gas Corporation Ltd (ONGC) said on Thursday that it will invest around Rs.7,327 crore for developing four projects that include the Ratna oil field which it got back from private player Essar Oil.  The Board has approved investment worth of Rs.4,104.63 crore for the development of R-Series oil fields that include reviving of an R-12 (Ratna), said ONGC in a statement.  Discovered in 1979, Ratna field had started production in the year 1983 and continued the production till 1994. The contract had been awarded by the Government in 1996 for the development of Ratna and R-Series oil fields to a consortium of companies headed by Essar Oil.  However, due to several issues, the contract could not ...

The Dollar Business Bureau In order to clear previous oil dues to Iran, Mangalore Refinery and Petrochemicals Limited (MRPL) and Indian Oil Corporation Limited (IOC) have paid $330 million as second tranche payment through German bank Europaisch-Iranische Handelsbank AG (EIH). MRPL and IOC, last month made a payment of $750 million to Iran and have now paid over $330 million this month through the German bank. According to sources, MRPL, which has to pay Iran $2.6 billion before the month of May, has made a payment of $300 million this month and $500 million last month. IOC paid another $30 million above its $250 million payment made in May. The company had $560 million dues before the payment cycle began. Essar Oil, ...

The Dollar Business Bureau International oil firms like Saudi Aramco, Total SA and BP plc are planning to tap India’s retail fuel market, Oil Minister Dharmendra Pradhan said on Friday. This clearly reflects the increasing role of the country in the crude landscape of the world, he said. The fuel market of world's fastest growing economy can be a lucrative prize for the global oil majors seeking retail outlets for diesel and gasoline. The country has registered the fastest growth in oil demand across the world during the first quarter of CY 2016. India is replacing China as the driver of global growth, as per the International Energy Agency’s latest report. Saudi Aramco wants to enter the Indian market and the Indian Government ...

The Dollar Business Bureau Essar Oil UK Ltd, a wholly owned subsidiary of Essar Energy Ltd, said it will focus on fuel retailing in the UK by opening 400 more outlets. The decision comes after the company recorded a net profit of $244 million in financial year 2015-16, its highest-ever and a three-fold jump from $70 million during the previous year. Currently, Essar Oil UK manages seven retail outlets and said that its retailing expansion plan is a part of its strategy to further enhance its margins. While speaking to journalists, Naresh Nayyar, Executive Chairman, Essar Oil UK, said, "Retail sales can help us in pushing our refined fuel margins by $2-3 a barrel, as the company can benefit on the commissions of ...

The Dollar Business Mangalore Refinery and Petrochemicals (MRPL) on Thursday announced that they are willing to pay the dues of oil imported from Iran as soon as the banking channels become available. MRPL and other refineries were enjoying the free-shipping modalities that Iran had extended, when the west had imposed sanctions against it. H Kumar, MRPL Managing Director told the media that as the sanctions on Iran were now lifted, there would be clarity in the payment channels. He also added that as soon as the banking channels are cleared, MRPL will make the payments. He was responding to the issue of clearing $6.5 billion oil dues to Iran by Indian refiners that also included MRPL.  Responding to the reasons for deferring payments, Kumar said, during ...

The Dollar Business Bureau Oil imports from Iran have increased 48.8% in April over the corresponding month previous year as per the preliminary tanker data released by the trade sources. This is mainly because the refiners have increased crude imports after lifting the sanctions against Iran. Indian refiners have imported roughly around 393,000 barrels a day from Iran in April. Compared to the previous month, the imports from Iran have declined 22.4% in March as the shipments have reached their highest point in the past five years at 500,000 barrels a day. Industry sources say, oil imports from Iran may hit a seven-year high this fiscal year. In the month of March, Reliance Industries has taken oil from Iran for the first time ...

The Dollar Business Bureau The Union Cabinet on Wednesday has given its consent to replace the existing import policy on crude oil, which provides leeway to the oil PSUs to evolve their own crude import policies. This is being done so that the PSU’s can get cheaper cargoes in an oversupplied oil market and enhance profitability. This will provide the state-refiners a more efficient, dynamic and flexible policy for obtaining crude oil, thus in turn, benefiting the end consumers. The new import policy puts oil PSUs on the same line with private entities such as Essar Oil and Reliance Industries that are not bound by Government regulations and can earn substantial refining margins. The existing policy, approved by the Cabinet in the year ...