Russia to Compete with Iran for Indian Oil Demand

Iran has some tough new competition in the race to capitalize on India’s booming demand for oil.

State-owned Russian energy giant Rosneft is the lead investor in a $12.9 billion buyout of India’s Essar Oil that was announced over the weekend. Russian investment group United Capital Partners (UCP) has also snapped up a stake.

The purchase of the oil refiner gives Russia more muscle in India at a time when its demand for energy is booming.

“Rosneft is entering one of the most promising and fast-growing world markets,” CEO Igor Sechin said in a statement.

India is already the world’s third-largest oil importer, and its demand will jump by more than 300,000 barrels per day this year, according to the International Energy Agency. That’s more than any other nation.

via CNN

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza