Financial Daily from THE HINDU group of publications
Saturday, May 17, 2003
Financial Daily from THE HINDU group of publications Saturday, May 17, 2003 |
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Corporate
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Announcements Essar Oil gets $60 m from sale of rigs Our Bureau
MUMBAI, May 16 ESSAR Oil Ltd has raised $60 million through the sale of 11 oilrigs to the Abu Dhabi-based Bi Jabr Group. The Bin Jabr group's bid was selected based on KPMG's recommendation. The company has moved away from the oilrigs business to focus on exploration and production of oil and gas, refining and retail marketing of petro products, a release said. "The company plans to use the funds raised from the sale for its upstream and downstream plans," a company official said. Essar's oil rigs business has serviced companies such as ONGC, Saudi Aramco, Qatar Petroleum, Philippine National Oil Company, etc, over the last two decades, the release said. EOL, currently has interests in upstream projects apart from its upcoming 12 million-tonne refinery project in Gujarat. Essar has also received permission to set up 1700 retail outlets across India.
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