India Feeds New Refinery With $1.2B In Colombian Crude

Law360, New York (August 16, 2012, 4:55 PM EDT) -- India's Essar Oil Ltd. will buy 12 million barrels of oil from Colombia's Ecopetrol SA over the next year in a $1.2 billion deal to feed a recently expanded refinery with cheaper, heavier Latin American crude, the Bogota-based company said Wednesday.

Ecopetrol said the first 2 million-barrel shipment left Colombia on July 29 and will arrive in early September at India's western Vadinar port, where Essar operates the country's second-biggest refinery. The deal is the latest in Ecopetrol's efforts to raise its global profile, especially its...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.