Essar Oil to ink MoU with Chinese bank

During Chinese Prime Minister Li Keqiang's visit to Mumbai, Essar Oil Ltd is likely to sign a MoU for up to USD 1 billion loan deal with a Chinese bank.

May 21, 2013 / 08:20 IST

26 Aug, 2025 12:21

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Essar Oil Ltd is likely to sign a MoU for up to USD 1 billion loan deal with Chinese bank on Tuesday during Chinese Prime Minister Li Keqiang's visit to Mumbai. The loan deal with China Development Bank (CDB) will be backed by supply of refined products from Essar's Vadinar refinery in Gujarat. This will be kind of export advance which the company will use to cut its debt.

“As part of our initiative to dollarise our debt, we have been in discussion with several international banks, including Chinese banks. CDB is part of that conversation,” Essar Oil said in a statement. PetroChina will buy fuel from Essar for 7 to 10 years.

first published: May 20, 2013 09:14 pm

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