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  • Essar Oil looking to raise Rs 3,000 crore in debt funding: Report Jun 01, 2018 12:26 PM IST

    Essar Oil looking to raise Rs 3,000 crore in debt funding: Report

    The company is in the process of changing its name to Nayara Energy.

  • Essar imports 18% less oil in 2017/18 Apr 20, 2018 07:28 PM IST

    Essar imports 18% less oil in 2017/18

    Essar shipped in about 132,500 barrels per day (bpd) of oil from Iran in March, a decline of about 41 percent from February, the data showed. Imports from Iran in March were about 46 percent higher than a year ago, the data showed.

  • Essar Oil UK to see rise in margins following refinery upgradation Apr 16, 2018 04:22 PM IST

    Essar Oil UK to see rise in margins following refinery upgradation

    The company, controlled by Ruia-family of Mumbai that sold Essar Oil to Russia's Rosneft for USD 12.9 billion, has completed efficiency enhancement programme, the Project Tiger Cub, following which Stanlow's annual crude oil processing is projected to go up to 72 million barrels per day from 68 million bpd, he said.

  • Essar Oil still owes about 500 million euros in payments to Iran Apr 12, 2018 05:52 PM IST

    Essar Oil still owes about 500 million euros in payments to Iran

    The outstanding payments stem from delays in paying for Iranian oil when the country was under international sanctions over its nuclear programme. The sanctions ended in 2016.

  • Essar Oil picks Trafigura, BP for $1 billion oil-backed loan Mar 20, 2018 03:50 PM IST

    Essar Oil picks Trafigura, BP for $1 billion oil-backed loan

    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.

  • Post RBI nudge, Enforcement Directorate begins probe in Essar Oil share allotment case Feb 05, 2018 06:53 PM IST

    Post RBI nudge, Enforcement Directorate begins probe in Essar Oil share allotment case

    RBI had written a letter after the company breached the limit of Liberalised Remittance Scheme while issuing Global Depositary Shares.

  • Ruias clear Rs 891 crore additional payout to Essar Oil shareholders Dec 12, 2017 06:50 PM IST

    Ruias clear Rs 891 crore additional payout to Essar Oil shareholders

    The shareholders were initially paid Rs 262.80 per share at the time of delisting which worked out to Rs 3,064 crore for the 11.66 crore shares.

  • Essar Oil to invest $250 mn to expand refining capacity in UK Sep 06, 2017 03:41 PM IST

    Essar Oil to invest $250 mn to expand refining capacity in UK

    The investment in revamp of certain units of the refinery would help cut down on crude oil processing cost, improve product slate and lead to marginal increase in capacity, chief executive S Thangapandian said.

  • Rosneft Essar Deal: The changing competitive landscape in Indian fuel retailing Sep 06, 2017 02:29 PM IST

    Rosneft Essar Deal: The changing competitive landscape in Indian fuel retailing

    Rosneft, along with Trafigura and United Capital Partners UCP recently completed the acquisition of 98% stake in Essar Oil for $12.9-billion. The deal asserts that Indian Oil retail market is an attractive investment option for foreign investors.

  • Essar to pay additional Rs 880 crore to the minority shareholders Aug 22, 2017 03:15 PM IST

    Essar to pay additional Rs 880 crore to the minority shareholders

    Essar said it received Rs 338.28 per share and, as per its previous commitment, is sharing the same with minority shareholders.

  • Banks get 3% of loans repaid from Essar Oil deal; Essar Steel debt still in limbo Aug 22, 2017 07:51 AM IST

    Banks get 3% of loans repaid from Essar Oil deal; Essar Steel debt still in limbo

    Bankers to Essar Oil will get Rs 4,000 crore from Rosneft deal of Rs 82,740 crore (USD 12.9 billion) which will reduce Essar’s Group debt by Rs 70,000 crore

  • Essar Group says non-compete clause with Rosneft only for 3 years Aug 21, 2017 10:25 PM IST

    Essar Group says non-compete clause with Rosneft only for 3 years

    Earlier, Essar Oil's new non-executive director, Jonathan Kollek had said, "They (Essar Oil) cannot build a refinery, they cannot build petrol stations. There is a non-compete, forever."

  • Ruias shave off 67% of Rs 1.05 tln group debt with EOL sale Aug 21, 2017 08:10 PM IST

    Ruias shave off 67% of Rs 1.05 tln group debt with EOL sale

    Essar Group founder Shashi Ruia said this landmark transaction and the resultant debt reduction usher in a new phase of growth across the group portfolio.

  • Rosneft: EOL deal prevents Ruias from re-entering oil refining, retailing for ever Aug 21, 2017 07:55 PM IST

    Rosneft: EOL deal prevents Ruias from re-entering oil refining, retailing for ever

    The company said it feels the Essar brand is "very strong" and will be retaining the same at the petrol pumps.

  • Essar-Rosneft deal: Intention is to commercially optimise asset usage, says Essar Oil Aug 21, 2017 06:09 PM IST

    Essar-Rosneft deal: Intention is to commercially optimise asset usage, says Essar Oil

    After months of negotiations, the Essar group today announced the closure of its USD 12.9 billion deal to sell its refining arm to a consortium led by Russian oil major Rosneft.

  • Essar Oil completes sale of India assets to Rosneft, Trafigura-UCP consortium for $12.9 bn Aug 21, 2017 11:56 AM IST

    Essar Oil completes sale of India assets to Rosneft, Trafigura-UCP consortium for $12.9 bn

    An investment consortium comprising Trafigura and UCP has also announced the closure of their acquisition of a separate 49 percent share of EOL.

  • Rosneft, Trafigura-UCP consortium announce acquisition of Essar Oil for $12.9 billion Aug 21, 2017 11:30 AM IST

    Rosneft, Trafigura-UCP consortium announce acquisition of Essar Oil for $12.9 billion

    Rosneft will get a 49.13 percent stake in Essar and the Trafigura-UCP consortium via Kesani Enterprises Company Limited will get another 49.13 percent stake.

  • Intel agencies raise concern over Rs 82k cr Essar-Rosneft deal Jul 16, 2017 01:09 PM IST

    Intel agencies raise concern over Rs 82k cr Essar-Rosneft deal

    The agencies have communicated to the home ministry about their security concerns over the deal, the official, who did not wish to be named, said.

  • Russia's Rosneft works on new strategy, plans to hike dividends Jun 22, 2017 08:40 PM IST

    Russia's Rosneft works on new strategy, plans to hike dividends

    Rosneft head has that the company was working on a new strategy to counter the challenges of the global oil market and planned to pay higher 2017 dividends.

  • Russia's Rosneft CEO says takeover of India's Essar is closed Jun 22, 2017 04:01 PM IST

    Russia's Rosneft CEO says takeover of India's Essar is closed

    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, he said.

  • Rosneft plans big to tap Indian retail fuel market: Dharmendra Pradhan Jun 19, 2017 08:05 AM IST

    Rosneft plans big to tap Indian retail fuel market: Dharmendra Pradhan

    "Rosneft, the Russian oil major, who recently took over Essar Oil, are planning in a bigway to tap retail fuel market in India," he told reporters after inaugurating City Gas Distribution (CGD) Project to supply eco-friendly natural gas to households, industries and transport sector, here.'

  • India's crude oil output dips 0.6% in April May 23, 2017 03:29 PM IST

    India's crude oil output dips 0.6% in April

    Crude oil production stood at 2.95 million tonnes in the same month last year, according to a statement by Petroleum Ministry today.

  • Russian Rosneft's $12.9 billion Essar Oil deal held up over debt issues May 11, 2017 09:25 PM IST

    Russian Rosneft's $12.9 billion Essar Oil deal held up over debt issues

    The state-run banks and financial institutions that are delaying Rosneft's biggest foreign acquisition hold about USD 500 million of Essar's debt, five industry and banking sources told Reuters.

  • Rosneft aims to complete purchase of Essar Oil by end June May 10, 2017 08:24 PM IST

    Rosneft aims to complete purchase of Essar Oil by end June

    Russian oil flows to India are expected to rise further once the Rosneft the deal to buy Essar plant is completed.

  • State oil cos to revise petrol, diesel prices in 5 cities daily from May 1: Sources Apr 12, 2017 01:27 PM IST

    State oil cos to revise petrol, diesel prices in 5 cities daily from May 1: Sources

    To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said.

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