Rosneft Mimics Saudi Strategy to Get Foothold in India
- Planned refinery deal would secure oil sales in Asian nation
- Saudis have struck similar accords in Japan, S. Korea, China
OAO Rosneft
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
Rosneft OJSC is mimicking the strategy of its biggest global competitor to expand in India as the world’s top oil exporters vie for business in the fastest-growing crude-consuming nation.
The Russian energy giant’s plan to buy a stake in Essar Oil Ltd.’s Vadinar refinery echoes proposals by Saudi Arabian Oil Co. to invest in India’s refining industry and secure new outlets for its crude.