The Ruias of the Essar group are reportedly set to sell 49 percent stake in Essar Oil to Russian oil and gas giant Rosneft for about Rs 10,500 crore. The transaction was in the works for the past few months. The Ruias and Rosneft already have close business ties. In December last year, Rosneft had entered into an agreement to supply Essar oil and oil products for its refinery in India. With this, Rosneft expanded its distribution area and scaled up its deliveries to the region.
The deal provided Rosneft a secure market outlet for oil and oil products, while Essar gained due to a reliable and stable supply of oil and oil products for its refining facilities. Essar Oil runs a refinery at Vadinar in Gujarat, with an annual capacity of 20 million tonnes. It also owns the Stanlow Refinery, with a capacity of 296,000 barrels a day, near Liverpool in England.
Essar Oil is a fully integrated oil & gas company of international scale with strong presence across the hydrocarbon value chain from exploration & production to refining and oil retail.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1435.70 |
| Indian Oil Corp. | 144.70 |
| BPCL | 302.85 |
| HPCL | 387.00 |
| MRPL | 167.90 |
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