Iran has some tough new competition in the race to capitalize on India’s booming demand for oil.
State-owned Russian energy giant Rosneft is the lead investor in a $12.9 billion buyout of India’s Essar Oil that was announced over the weekend. Russian investment group United Capital Partners (UCP) has also snapped up a stake.
The purchase of the oil refiner gives Russia more muscle in India at a time when its demand for energy is booming.
“Rosneft is entering one of the most promising and fast-growing world markets,” CEO Igor Sechin said in a statement.
India is already the world’s third-largest oil importer, and its demand will jump by more than 300,000 barrels per day this year, according to the International Energy Agency. That’s more than any other nation.
via CNN
