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Essar Oil News
Essar Oil in talks to extend January UK VAT payment deadline
Sun, Sep 26, 2021
Essar Oil said it still needed to pay 223 million pounds ($305 million) to HM Revenue & Customs (HMRC) by January, confirming an earlier report in the Sunday Times newspaper https://bit.ly/39AwwmG, which said the company had used the government`s pandemic VAT deferral scheme last year
Reliance Industries: Forced price cut has no impact on oil retailing plans
Thu, Oct 18, 2018
The government moves to make auto fuels cheaper by asking state-run oil companies take a hit will not impact Reliance Industries' retail fuel expansion plans, a top official has said.
Jet fuel demand in India to soar as domestic air travel takes off
Wed, Apr 18, 2018
A government push to connect more cities via airports as an expanding middle class increasingly takes to the skies is set to help propel the country`s demand for jet fuel to record highs this year.
Essar Oil picks Trafigura, BP for $1 billion oil-backed loan, as Indian refiner`s new owners seek to diversify financing base
Tue, Mar 20, 2018
Russian oil major Rosneft, fund UCP and Swiss commodities trader Trafigura bought Essar Oil`s large refinery, 3,500 fuel stations and infrastructure for $12.9 billion last year. Essar Oil has long relied entirely on funding from Indian banks while the new shareholders want to reduce exchange costs by adding alternative financing sources and directly use dollars to buy its oil instead
Essar Oil-Rosneft deal impact: ICICI Bank's exposure reduces by 50%
Mon, Aug 21, 2017
Essar Oil on Monday completed its deal with Russia's Rosneft. Few banks have large exposure to the Essar Group and with this deal concluded it comes as a sign of relief.
Essar Oil-Rosneft Rs 83,000 crore deal concludes; eyes to pay Rs 4000 crore to Indian lenders
Mon, Aug 21, 2017
All-cash sale deal consists of Essar Oil's 20 million tonne refinery at Vadinar in Gujarat and 3,500 retail outlets across the country.
JLF gives nod to Rs 86,000 crore Essar Oil-Rosneft deal
Fri, Jun 23, 2017
The sale transaction decision (Essar Oil-Rosneft deal) was announced on October 15, 2016 when Prime Minister Narendra Modi met Russia's Vladimir Putin in BRICS Summit held in Goa.
Russia's Rosneft CEO says takeover of India's Essar is closed
Thu, Jun 22, 2017
The deal, where Rosneft will hold a 49 percent stake, will allow the Russian company to increase oil refining output by 20 percent this year.
Essar says hopes to close sale to Rosneft-led consortium in next few weeks
Fri, Mar 31, 2017
"The parties are working towards obtaining the requisite approvals to complete the transaction. We are hopeful that the deal will be completed in the upcoming few weeks," Essar said.
M&A deal value hits 5 year high at $61.44 billion in 2016
Wed, Jan 04, 2017
Mergers and acquisitions (M&A) deals in the country hit a record five-year high at $61.44 billion (about Rs 4 trillion) in 2016, says a report.
Essar Oil posts record 2,162 crore net profit in FY 2015-16
Mon, Dec 26, 2016
The total throughput of the refinery stood at 19.1 million tonnes in 2015-16, compared to 20.49 million tonnes in the previous year.
ONGC to begin production from Ratna R-Series oil field in 2019
Mon, Dec 05, 2016
The production from the Ratna and R-Series oilfield will be 10,000 barrels per day initially. The government had cancelled the contract of awarding it to Essar Oil.
Oil wars: How Kremlin's $13 billion Indian deal almost fell apart
Wed, Nov 16, 2016
Putin`s spokesman Dmitry Peskov denied there was any Kremlin intervention in the deal.
Reliance forays into LPG retailing, launches 4 kg cylinders on pilot basis
Sun, Oct 23, 2016
Reliance Industries, operator of the world's biggest oil-refining complex, has forayed into cooking gas retailing, launching a 4-kg LPG cylinder on pilot basis.
ICICI, Axis, StanChart gets back Rs 16,600 crore of Essar Group loans
Sat, Oct 22, 2016
The remaining 2% will be held by minority shareholders after delisting of Essar Oil.
Essar-Rosneft deal: Will it help Indian banks in deleveraging?
Tue, Oct 18, 2016
The deal will also be significant because the Indian banks have become very forceful in addressing the problem of bad loans.
ICICI Bank shares jump over 6% on Essar Oil stake sale deal with Rosneft
Mon, Oct 17, 2016
Reportedly, in the all-cash deal, it also includes Vadinar refinery and Vadinar Port in Gujarat.
Deal with Rosneft is U.S. sanctions-compliant, says Prashant Ruia
Mon, Oct 17, 2016
He said the deal did not violate the economic sanctions imposed by the U.S. government on Russian entities over Russia`s role in the Ukraine crisis. "The way it is structured, it is fully compliant. We are well within the rules that govern Russian companies."
India, Russia sign 16 agreements across multiple sectors
Sat, Oct 15, 2016
India and Russia on Saturday signed 16 agreements across multiple sectors following delegation-level talks co-chaired by Prime Minister Narendra Modi and Russian President Vladimir Putin in Goa.
Russia's Rosneft, partners to invest nearly $13 billion in India's Essar Oil:CEO
Sat, Oct 15, 2016
A group led by Russian oil major Rosneft will invest around $12.9 billion (nearly Rs 85,820.5 crore) in India's Essar Oil, Chief Executive Igor Sechin told reporters on Saturday.