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Essar Oil News

29 Nov 2017

Over 60,000 petrol pumps in India, 45% jump in 6 years

With 60,799 outlets dispensing petrol and diesel at the end of October, India is behind only US and China in number of petrol pumps, data available from Petroleum Planning & Analysis Cell of the Oil Ministry.

22 Aug 2017

Essar to pay additional Rs 880 crore to minority shareholders

Minority shareholders of Essar Oil, who had participated in the company's delisting in 2015, will get an additional Rs 75.48 per share, Essar said in a statement.

22 Aug 2017

Essar Group to pay additional Rs 75.48 per share to ex-EOL shareholders

The Essar Group on Tuesday said it will pay an additional Rs 75.48 per share to Essar Oil's ex-shareholders, who tendered their shares at the open offer in the run-up to the delisting of the company that was sold to the Russian giant Rosneft yesterday for USD 12.9 billion.

21 Aug 2017

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

The Ruias-promoted Essar Group, as of March 2017, had a long term debt of Rs 1.05 trillion and a working capital loan of Rs 30,000 crore at the holding company and group companies level, taking the total burden to Rs 1.35 trillion.

21 Aug 2017

Essar Oil CEO quits as Rosneft rejigs board on $13 billion takeover

On the 12-member board, Rosneft would have four nominee directors and UCP two, including Fountain. Trafigura would have two nominee directors (CEO is not part of the board).

21 Aug 2017

Essar Oil completes sale of India assets to Rosneft for $12.9 billion

The Ruias-run Essar Oil on Monday announced the completion of sale of its India assets to the Russian government controlled Rosneft-led consortium for USD 12.9 billion.

23 Jun 2017

Lenders approve Rs 86,000-crore Essar Oil sale to Rosneft

The Essar group has crossed the last hurdle to complete the sale of its Gujarat refinery to Russia's Rosneft, with the lenders, including LIC, giving the go-ahead to the deal, sources said.

22 Dec 2016

Essar Oil plans to double petrol pumps to 5,600 in 18 months: Prashant Ruia

Essar Oil, India's largest private fuel retailer, plans to double the number of petrol pumps it has in the country to 5,600 in 12-18 months, the firm's Chairman Prashant Ruia said.

17 Oct 2016

ICICI Bank up 7% on Essar Oil deal; mcap gains Rs 9,771 crore

ICICI Bank's stock surged 7 percent Monday, adding Rs 9,771.57 crore to its market valuation, as NPA worries in the banking sector receded following the USD 13-billion asset sale by Essar Oil for paring debt.

14 Oct 2016

Rosneft, Essar Oil $13 billion deal to pay way for biggest FDI investment in India

Russian oil giant Rosneft, together with Singapore-based trading firm Trafigura and Russia-based financial investor UCP are likely to acquire 97.4 percent stake in Essar Oil for about USD 13 billion. This transaction is expected to become the biggest foreign direct investment inflow into India.

30 Jun 2016

Ruias plan to sell another 25% stake in Essar Oil

After stitching a deal to sell 49 percent stake in Essar Oil to Russia's Rosneft, the Ruia family is looking at selling another 25 percent stake in the company to an oil trader or a strategic investor like Saudi Aramco.

19 Jun 2016

Essar Oil looks to double petrol pumps in 18 months

Essar Oil, India's second largest private oil refiner, plans to nearly double its petrol pumps to 4,300 in next 18 months, a senior company executive said.

Indian Oil Corp

07 Jun 2016

IOC, BPCL clinch deal with RIL, Essar to restart diesel buy

New Delhi: State-owned IOC, BPCL and HPCL have struck a temporary deal with Reliance Industries and Essar Oil to resume buying petrol and diesel from private refiners on revised terms.

03 May 2016

India to pay 1.5% interest on $6.5 billion Iran oil dues

India has agreed to pay Iran an interest of 1.5 percent on USD 6.5-billion that refiners like Essar Oil and Mangalore Refinery (MRPL) owe it in oil dues, as a 'goodwill gesture'.

14 Apr 2016

Iran ends free oil shipping to India, demands payment in Euros

Iran, no longer under sanctions, has ended free shipping of crude oil to India and has terminated a three-year old system of getting paid for half of the oil dues in rupees

Essar Directors Prashant Ruia

16 Mar 2016

Rosneft to buy 49% stake in Essar Oil

Russia's top oil producer Rosneft today said it has reached a preliminary agreement to buy 49 percent stake in Essar Oil and the deal is likely to be concluded by June

07 Feb 2016

Iran asks India to clear dues worth $6 bn in euros within six months

With US lifting sanctions, Iran has told Indian authorities that the three-year old mechanism, paying 45 percent of oil import bill in rupees and keeping the remaining 55 percent pending for payment channels to clear, has come to an end.

23 Dec 2015

Essar Oil delisting gets through as Sebi clears LIC bids

Essar Oil's delisting on Wednesday got through as the markets regulator Sebi gave its go-ahead to the stock exchange BSE to accept nearly 2 crore shares tendered by the state-run LIC for the promoters' buyout offer.

09 Nov 2015

Essar Oil shares zoom over 15% on delisting relaxations

Shares of Essar Oil surged over 15 per cent today after capital market regulator Sebi gave more time to the promoter of the company to finalise the delisting offer.

04 Oct 2015

India to pay another $700 mn to Iran on Oct 12

India will pay the second tranche of USD 700 million to Iran to clear part of past oil dues on Oct 12 since the dilution of trade sanctions by the US and five other world powers in July. In an accord, Iran had agreed to restrict its nuclear programme in exchange of easing of sanctions, which had crippled its oil economy.

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