Russia’s Mega India Oil Deal Takes Turf War to Mideast Backyard

18 Oct 2016   India, Russia

Rosneft may use Venezuelan crude at Essar’s Vadinar refinery India forecast by IEA as world’s fastest growing oil consumer A $13 billion deal involving Russia in India threatens to weaken the grip of Middle East crude suppliers in the world’s fastest growing oil market. Rosneft PJSC is part of a group of investors that beat suitors from Saudi Arabia and Iran to buy Essar Oil Ltd.’s Vadinar refinery, India’s second-biggest, in a deal announced over the weekend. Russia’s largest oil producer is following a strategy by resource-rich firms and nations to secure outlets for their output, and may supply the facility with Venezuela crude and challenge Middle East exporters that provide about two-thirds of the country’s imports. “India will be the most important product-growth market over the next 25 years, making it important to Russia,” according to Neil Beveridge, a Hong Kong-based analyst at Sanford C. Bernstein & Co. […]

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