India's Essar Oil under scrutiny from Shell

New Zealand News.Net
Sunday 22nd November, 2009

Royal Dutch Shell has been in talks to buy 10 percent of India's Essar Oil.

At current market prices, the stake would be worth $364 million and would involve
Shell selling three European refineries to the Indian firm.

Tight margins and falling fuel demand have prompted many big oil companies to offload European refineries.

Essar runs a 280,000 barrels-per-day refinery in western India but is known to want a refining capacity of 1 million barrels a day.

Have your say on this story