Essar Oil shares surged as much as 5.1 per cent on Thursday
to Rs 198.35 after Russia's Rosneft signed a deal to acquire up to 49
per cent stake in its Vadinar oil refinery.
Refining accounts for over 95 per cent of Essar Oil's overall business. Rosneft also hinted at plans to increase the refinery's capacity to 45 million tonnes (900,000 barrels per day) by 2020.
Russia's top oil producer Rosneft also said that it has also finalised a deal to supply 10 million tonnes of oil a year (200,000 barrels per day) to the refinery over 10 years.
The value of the deal was not disclosed. The deal to buy a stake in the refinery had been delayed due to difference over the price, Reuters, quoting sources, had reported earlier. The deal is subject to regulatory approvals.
Mumbai-based Essar Group business interests include steel, oil and gas, power and ports. Essar's founders own 90.5 per cent of Essar Oil, of which 65.6 per cent is in the form of overseas depository shares. Essar Oil shares have surged close to 90 per cent year to date.
Refining accounts for over 95 per cent of Essar Oil's overall business. Rosneft also hinted at plans to increase the refinery's capacity to 45 million tonnes (900,000 barrels per day) by 2020.
Russia's top oil producer Rosneft also said that it has also finalised a deal to supply 10 million tonnes of oil a year (200,000 barrels per day) to the refinery over 10 years.
The value of the deal was not disclosed. The deal to buy a stake in the refinery had been delayed due to difference over the price, Reuters, quoting sources, had reported earlier. The deal is subject to regulatory approvals.
Mumbai-based Essar Group business interests include steel, oil and gas, power and ports. Essar's founders own 90.5 per cent of Essar Oil, of which 65.6 per cent is in the form of overseas depository shares. Essar Oil shares have surged close to 90 per cent year to date.
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