India’s Essar Oil will sign a deal with China Development Bank (CDB) to take out a $1 billion loan on Tuesday, a person with direct knowledge of the matter told International Oil Daily, as Chinese Premier Li Keqiang continues his tour of the subcontinent. As a part of the export finance deal, through which privately held Essar intends to reduce its interest burden by retiring costlier rupee loans, the Indian company will also ink a pact with state-controlled PetroChina to sell oil products from its 400,000 barrels per day Vadinar refinery in the western Indian state of Gujarat overseas, the source said.
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