Shares of Essar Oil Ltd was up 1% at Rs68 after the company on Thursday signed a deal with Russia’s OAO Rosneft, to import 10 million tonnes (mt) of crude oil a year for 10 years.
The stock has hit a high of Rs116 and a low of Rs110.
Supplies may begin in 2015. Consequently Rosneft expands its distribution area and builds up deliveries to the region, where the world’s economy growth zones are concentrated.
The reached agreement opens new horizons of cooperation between the two countries, thanks to the synergistic potential of the partnership in Upstream and Downstream areas of two leaders of the oil and gas industry of Russia and India. Thanks to this agreement Rosneft grants itself a secure market outlet of oil and oil products, while Essar gains a reliable and stable partner as a supplier of oil and oil products to its refining facilities.
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