Ahmedabad: Central Home Ministry and Intelligence Bureau (IB) have red flagged the consortium between Essar Oil and Russian oil company Rosneft over security concerns, stated a report by the Economic Times. Quoting government sources, the report stated that the Home Ministry have reservations about the deal originate from the Vadinar port in Gujarat being a part of the deal. Under what has been hailed as India's biggest FDI deal, $13 billion, or Rs 84,000 crores, will be paid by Rosneft, a Ru...Read More

Mumbai Russia's top oil producer Rosneft said on Wednesday that it had reached a preliminary agreement with India's Essar Group about acquiring up to 49 percent of the Vadinar oil refinery in India. Rosneft also signed a deal to supply 10 million tonnes (200,000 barrels per day) of oil per year to the refinery over 10 years. About USD 6 billion in size, the deal -- the second-largest FDI deal in the past several years following BP's investment in RIL's KG-D6 block -- envisages Essar's Va...Read More

Ahmedabad Gujarat High Court today issued notice to Essar Oil Limited in response to a plea filed by the state government regarding Rs. 591 crore tax liabilities of Essar oil. The High Court stayed an order of tribunal which directed the appellate authority to take decision on the matter in three months. - DeshGujaratRead More

Mumbai Oil exploration and production major Essar Oil and Gas (EOG) Thursday said it has commissioned a second hydrogen manufacturing unit (HMU) at company's refinery at Vadinar in Gujarat. According to the company's statement to the National Stock Exchange, the HMU has a capacity of 105 Knm3 per hour which would provide flexibility and reliability to overall refinery operations. In December last year, the company said it will convert over $1 billion wort...Read More

Dwarka (Gujarat) Essar Oil today said it will convert over USD 1 billion worth of rupee loan into dollar debt by March to reduce its cost of borrowings and will acquire group firm, Vadinar Power Co, for Rs 2,100 crore. "We are continuing on our mission to dollarise debt. Being a fully dollar-driven company, it makes immense sense for us to de-risk our business from currency fluctuations by converting our long term liabilities into dollars. "Till date, we hav...Read More

New Delhi, 11 December 2014 Essar Group on Thursday, signed a deal with Russia's top crude oil producer Rosneft to buy 10 million tons a year of oil, worth about US $10 billion, for 10 years beginning 2015. The agreement was signed in presence of Russian President Vladimir Putin and Prime Minister Narendra Modi. Moscow-based OAO Rosneft Chairman Igor Ivanovich Sechin said the agreement was to ship by sea as much as 10 million tons of oil per year to Essar G...Read More