Essar Oil Ltd plans to sell its energy division to Bin Jabr Group Ltd, an Abu Dhabi-based oil and gas service provider.
Ruias-controlled Essar group on Thursday said it will delist its two steel and oil arms from stock exchanges to gain more flexibility in running the companies.
The bench also rejected the submission of senior advocate Mukul Rohatgi, appearing for Essar Oil Ltd, that the hearing be adjourned for four weeks.
Essar Oil has decided to cut petrol and diesel prices in the range 50 paise to Rs 2.50 per litre effective from July 16.
Analysts say the Essar Group has been following a policy of delisting just when its businesses begin to record substantial upside, denying shareholders their share of decent returns.
A preliminary deal for sale of 49 per cent in Essar Oil to Rosneft was signed between the companies in July 2015.
Rosneft bought a 49 per cent stake in Essar Oil's refinery port and petrol pumps, while Netherlands-based Trafigura Group Pte, one of the world's biggest commodity trading companies, and Russian investment fund United Capital Partners split another 49 per cent equity equally.
Microsoft Corp has restored all services -- including email access -- to Russian oil giant Rosneft-backed Nayara Energy, just before a scheduled hearing in the Delhi high court over the service suspension.
The government has asked Essar Oil to provide within 45 days documentary evidence of deletion of all charges on Ratna R-Series oil fields that were created for raising funds for its Vadinar refinery project.
PSUs to wait and watch, IndianOil says losing Rs 1.37 on every litre of petrol.
Essar Oil Ltd, India's second largest fuel retailer, has reopened about 350 petrol pumps it was forced to shut down due to heavy losses on matching petrol and diesel prices with hugely-subsidised public sector rates.
The Ruias-managed Essar Oil is fast catching up with Reliance Industries in the number of petrol pumps set up by private sector retailers.
Expecting oil prices to remain under pressure, Fitch Ratings said deregulation of diesel prices in October will help in lowering the under-recoveries (which is nothing but international petroleum prices minus the subsidised retail rates).
Essar Oil on Tuesday said it will set up 50 petrol stations before the end of this fiscal.
Ruias-owned Essar will take a 50 per cent stake in Kenya's only refinery in Mombasa, the African nation's Energy Minister Kiraitu Murungi said on Wednesday.
A consortium of Gujarat State Petroleum Corp and Mumbai-based Essar Group has bid for an oil and gas exploration block in Syria.
If crude oil prices stay at current levels, the Indian government would not be required to issue additional oil bonds to the four state-run oil marketing companies in the current financial year, Finance Minister P Chidambaram said on Monday. Oil retailers, however, are unlikely to cut prices of petroleum products in response to falling crude prices unless private retailers like Essar Oil and Reliance Industries Ltd restart operations and offer a lower price.
Iran has offered discounts on crude oil price and free shipping if India agrees to buy more of its oil.
Power Grid Corp of India Ltd is set to form joint ventures with five more companies, including Oil and Natural Gas Corporation and Essar, for setting up transmission lines in the country entailing a total investment of Rs 5,000 crore (Rs 50 billion).
The private companies want a level playing field so that they can compete with the government companies in fuel retailing.
Lower bank rates the main draw; $6 bn to be raised in next few months.
Mangalore Refinery and Petrochemicals Ltd (MRPL) will double offtake of crude oil from Cairn India's Rajasthan fields to 0.4 million tons this fiscal.
"There are eight companies (who have put in expression of interest)... RNRL is one of them," said A K Ahuja, managing director, Ratnagiri Gas and Power Pvt Ltd, the company that operates the nation's biggest gas-fired power plant and the adjacent LNG import facility. Others in the fray include state power utility NTPC and GMR. Ahuja said RGPPL will frame the bidding criteria and call for financial bids by next month.
India plans to further cut imports from Iran by 13 per cent next fiscal even though easing of US and western sanctions has made buying crude oil from the Persian Gulf nation easier.
The government on Monday received 181 bids from global and domestic oil majors, including ONGC, Reliance Industries, Essar, BP Plc and BHP Billiton, for oil and gas exploration blocks under the seventh round of NELP auction.
Petronet India Ltd is likely to formally shelve the Rs 2,450 crore (Rs 24.5 billion) central India petroleum product pipeline project this month as its promoters are no longer keen on the project.\n\n\n\n
The government should scrap the windfall profit tax on domestically produced crude oil as the levy is adversely impacting the capex-intensive exploration of oil and gas, the industry said in its recommendation for the forthcoming annual Budget. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, a Rs 23,250 per tonne ($40 per barrel) windfall profit tax on domestic crude production was levied.
India will pay Iran $900 million in two tranches beginning next week to clear part of the past dues for crude oil it buys from the Persian Gulf nation.
The committee said the move 'clearly undervalued the company and its long-term growth prospects'.
Cairn India is 25th on the list with 22.2 per cent CGR.
The UAE central bank will then make payments in dirhams to Iran.
India has asked refiners that owe about $6.5 billion to Iran for oil imports to build up dollar and euro balances to avoid downward pressure on the rupee if six world powers and Tehran reach a final nuclear deal.
India's Iran imports rise to 276,800 bpd vs 195,600 bpd in 2013.
The government freed diesel pricing last October, providing a level playing field to private companies like Reliance and Essar Oil.
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