India's Essar Group has secured a US$330 million loan from Russian bank VTB to delist shares in its oil refining subsidiary Essar Oil Ltd, two sources familiar with the matter told Reuters.
Obtaining the loan is an important step for the Indian firm to allow it to move closer to a final deal to sell a stake to Russia's top oil producer Rosneft.
Essar, promoted by billionaire brothers Shashi and Ravi Ruia, needs funds to pay down debts to banks including Standard Chartered, while Rosneft wants to spread its reach across Asian markets to hedge against the risk that any new Western sanctions against Russia could hit crude sales.
For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
Obtaining the loan is an important step for the Indian firm to allow it to move closer to a final deal to sell a stake to Russia's top oil producer Rosneft.
Essar, promoted by billionaire brothers Shashi and Ravi Ruia, needs funds to pay down debts to banks including Standard Chartered, while Rosneft wants to spread its reach across Asian markets to hedge against the risk that any new Western sanctions against Russia could hit crude sales.
No comments:
Post a Comment