Essar Oil has picked Trafigura and BP to lend it $1bn to be repaid with cargoes of refined products as the Indian refiner’s new owners seek to diversify the firm’s financing base, sources with direct knowledge of the matter said.Russian oil major Rosneft, fund UCP and Swiss commodities trader Trafigura bought Essar Oil’s large refinery, 3,500 fuel stations and infrastructure for $12.9bn last year.Essar Oil has long relied entirely on funding from Indian banks while the new shareholders want to reduce exchange costs by adding alternative financing sources and directly use dollars to buy its oil instead.Late last year, the …read more
Source: Gulf times
