Essar Energy in talks with global cos for oil, gas assets

Essar Energy is in talks with global oil majors including Exxon Mobil, Chevron, Shell and ConocoPhilips to acquire oil and gas assets in Africa, Latin America and Australia, the Economic Times reported on Friday.

“We are in active discussions with Exxon, Chevron, Shell and ConocoPhilips and are keen to partner in the development of their oil and gas blocks…” the paper quoted an unnamed company official as saying.

[caption id=“attachment_85403” align=“alignleft” width=“380” caption=“In Feb, Essar agreed to buy Royal Dutch Shell’s Stanlow refinery. Reuters”] [/caption]

“Both from a valuation and production point of view these assets are quite attractive as we are keen to invest primarily in developed and producing assets,” the official told the paper.

London-listed Essar Energy already holds assets in Africa and Europe.

The company is part of the Essar Group, controlled by Indian billionaire brothers Shashi and Ravi Ruia, which has interests in steel, ports and logistics and telecommunications.

In February, it agreed to buy Royal Dutch Shell’s Stanlow refinery in northwest England for $350 million.

An Essar group spokesman declined to comment on the matter.

Reuters