Essar Exploring Sale of 405,000 bpd Gujarat Refinery

Reuters, July 1, 2016

Essar Group is reportedly seeking bids for its 405,000 bpd oil refinery in Gujarat, India. Last month, Essar signed a preliminary deal with Russian oil giant Rosneft to sell a 49% stake in the Gujarat refinery, but has now decided to offer full ownership in an effort to its debt. Reuters reports that Rosneft is unlikely to buy the refinery outright, and is planning to stick with the 49% acquisition. 


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