IEA has forecast that in 2011 demand will grow by 1.4 million bpd to 89.4 million bpd.
To be second Indian company after Essar to have a refinery abroad
Essar Energy's $350-million deal to buy Shell UK's oil refinery and associated assets at Stanlow, near Ellesmere Port, Cheshire, has hit a road block. The employee union has rejected the deal in its current form due to differences over pension payout and other issues.
Essar Oil is in talks with Royal Dutch Shell to buy two of its refineries in Germany and one in the UK.
The transaction will lead to an open offer for minority holders.
The agreement came in after the Ruias agreed to clear most of the Rs 26,000-crore dues to the lenders on completion of the transaction.
The exploration and production assets of Essar Oil will not be part of the Rosneft deal and would continue to remain with the Group.
The committee said the move 'clearly undervalued the company and its long-term growth prospects'.
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