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Russia’s Mega India Oil Deal Takes Turf War to Mideast Backyard

  • Rosneft may use Venezuelan crude at Essar’s Vadinar refinery
  • India forecast by IEA as world’s fastest growing oil consumer
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Rosneft, Trafigura Buy Indian Refiner

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A $13 billion deal involving Russia in India threatens to weaken the grip of Middle East crude suppliers in the world’s fastest growing oil market.

Rosneft PJSC is part of a group of investors that beat suitors from Saudi Arabia and Iran to buy Essar Oil Ltd.’s Vadinar refinery, India’s second-biggest, in a deal announced over the weekend. Russia’s largest oil producer is following a strategy by resource-rich firms and nations to secure outlets for their output, and may supply the facility with Venezuela crude and challenge Middle East exporters that provide about two-thirds of the country’s imports.