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Russia’s Rosneft to acquire 49% of India’s Vadinar refinery

by ChemOrbis Editorial Team -
  • 09/07/2015 (15:19)
According to media reports, Russia’s Rosneft has signed a preliminary agreement with India’s Essar Group in order to acquire a 49% stake in the Vadinar oil refinery, which is one of Asia’s biggest refineries. Through the acquisition, Rosneft aims to benefit from stronger demand in Asia to compensate for losses stemming from Western sanctions.

As part of the new agreement, the parties also agreed that Rosneft will supply 200,000 barrels per day (bpd) to the Vadinar oil refinery for ten years. The refinery is currently able to process 20 million tons/year of oil. The companies also plan to expand the capacity of the refinery to 45 million tons/year by 2020.
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