Indian battleground
Rosneft is expanding its reach in Asia, competing against Middle Eastern exporters
The $12.9bn sale of India's Essar Oil to Rosneft and other investors has opened up a new battleground in Asia, where Russia's state-controlled energy firm is treading on territory considered strategic to Middle East exporters. It follows Saudi Aramco's efforts to build a customer base in Europe, Rosneft's established market. Arundhati Bhattacharya, the chairman of State Bank of India, and Andrei Kostin, boss of Russia's VTB Bank, expect that the deal will close very soon. The original agreement to sell 98% of Essar to the Rosneft-led consortium was first signed in October, but has been repeatedly delayed. Rosneft bought a 49% stake in Essar's refinery, port and petrol pumps, while Netherland
Also in this section
19 December 2024
Deepwater Development Conference welcomes Shell’s deepwater development manager to advisory board for March 2025 event
19 December 2024
The government must take the opportunity to harness the sector’s immense potential to support the long-term development of the UK’s low-carbon sector
18 December 2024
The energy transition will not succeed without a reliable baseload, but the world risks a shortfall unless more money goes into gas
18 December 2024
The December/January issue of Petroleum Economist is out now!
