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Essar seals deal to buy 50% stake in Kenyan refinery (Business Stndard 16th Jan 2008) Essar Energy Overseas, a subsidiary of Essar Oil, has entered into an agreement to acquire 50 per cent stake in Kenya Petroleum Refineries (KPRL), a four million metric tonne per annum (MMTPA) refinery, in Mombasa, Kenya. The government of Kenya holds the remaining 50 per cent in KPRL.
This will be Essar Oil's first international acquisition in the refining sector. Essar already has three exploration and production blocks in Madagascar and one in Nigeria.
Though Essar Oil did not divulge the deal size, it is estimated that the refinery could have cost the company around Rs 3,000 crore. More
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