MOSCOW – Russian oil major Rosneft said on Saturday it would use Venezuelan crude to supply India's Vadinar refinery after acquiring the plant from Essar Oil .
Continue Reading Below
"The most commercially viable sources will be used to supply refinery grade oil ... which can be supplied from Rosneft resources (in particular, Venezuela) or, if necessary, from third parties," Rosneft said in a statement.
India's debt-laden Essar Group confirmed on Saturday that it has agreed to sell a 98 percent interest in its Essar Oil unit to a consortium led by Rosneft, giving the energy giant a gateway into the world's fastest growing fuel market.
(Reporting by Olesya Astakhova; Writing by Jack Stubbs; Editing by Kevin Liffey)