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Essar Oil renews sale and purchase deal with Bharat Petroleum
Thursday, 26th April 2012
Essar Energy subsidiary Essar Oil Ltd has renewed a major product sale and purchase agreement with Bharat Petroleum Corporation.The renewed four-year agreement, running up to 2016, is for the supply of diesel, petrol, kerosene and aviation turbine fuel to BPCL from Essar Oil's Vadinar refinery.
It also entitles Essar Oil to purchase products from BPCL and gives the two companies the option of sharing each other's distribution infrastructure. Essar Oil chief executive, marketing, S Thangapandian, said: "We are delighted to further cement our long-term relationship with BPCL.
"Essar Oil has emerged as the biggest supplier for fuels for BPCL. With our expanded capacity coming on stream, we are fully geared to serve the growing demands of high quality fuel for the nation."
At 2:28pm: (LON:ESSR) share price was +2.7p at 128.8p
Story provided by StockMarketWire.com
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