India's Essar Acquires 50% Stake in Kenya Refinery From Majors

摘要

India's Essar Oil Friday signed agreements to acquire a 50% stake in an oil refinery in Kenya that was previously held by Shell, BP and Chevron. It will invest $400 million to $450 million to upgrade and expand the 4 million ton per year Kenya Petroleum Refineries. "The value at which we have acquired the stake remains confidential between us, Shell, BP and Chevron," Chief Executive Prashant Ruia told reporters in a conference call.