Essar imports as refinery gets underway

INDIA's Essar group has decided to procure petroleum products from the UAE for its network of nearly 1,700 retail outlets in India until its own refinery is completed.

Essar Oil has just received the first shipment of diesel from an undisclosed UAE-based company. The Essar group is also considering a trading unit in Dubai to source crude for its own 12 million tonne capacity refinery being set up in India.

Essar has achieved financial closure for its US$2.2billion refinery project last quarter and is hopeful to complete its refinery within next 18 months.