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.