Saudi bid nearly sinks Russia’s US$13bil Indian deal

Fight for supremacy: The Indian oil refinery of Essar Oil at Vadinar village, near Jamnagar, some 380 km from Ahmedabad. The firm attracted bids from both Russia and Saudi Arabia, the two oil superpowers vying for supremacy across world. – AFP

LONDON: A multi-billion-dollar Russian deal to buy Indian refiner Essar was nearly sunk at the eleventh hour by a rival bid from Saudi Arabia as the two oil superpowers vie for supremacy across the world.

The deal between Essar and a consortium led by Kremlin oil giant Rosneft appeared dead in the water two months ago after Saudi state energy firm Aramco weighed in, according to seven Russia, India and Saudi-based industry sources familiar with or involved in the negotiations.