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Oil wars: How Russia's $13 billion Indian refinery deal almost fell apart

A multi-billion-dollar Russian deal to buy Indian refiner Essar was nearly sunk at the eleventh hour by a rival bid from Saudi Arabia

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Essar Oil

Reuters  |  London/New Delhi/Moscow 

A multi-billion-dollar Russian deal to buy Indian refiner Essar was nearly sunk at the eleventh hour by a rival bid from Saudi Arabia as the two oil superpowers vie for supremacy across the world. The deal between Essar and a consortium led by Kremlin oil giant Rosneft appeared dead in the water two months ago after Saudi state energy firm Aramco weighed in, according to seven Russia, India and Saudi-based industry sources familiar with or involved in the negotiations. It was salvaged due to the involvement of Russian President Vladimir Putin and Indian Prime Minister Narendra ...

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First Published: Thu, November 17 2016. 02:47 IST
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