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
13 January 2025
With Namibia, Guyana and Brazil playing starring roles and important innovations being developed, business as usual has never looked so good
13 January 2025
Regional cooperation over the development of gas resources has the potential to bring peace and prosperity to the East Mediterranean
13 January 2025
Significant expansions are underway in both liquefaction and regasification capacity as LNG firms up its position as a long-term solution for the world’s energy needs
10 January 2025
New Petroleum Economist OPEC+ oil survey sees group improve compliance to ensure oil market stability going into 2025
