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Rosneft looks forward to synergy from refining Venezuelan feedstock at its Indian refinery

October 21, 2016, 16:20 UTC+3 VERONA

Russia's Rosneft company acquired a stake in the leading Indian refinery

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VERONA, October 21. /TASS/. Rosneft expects to have material synergy from refining heavy hydrocarbon feedstock from Latin America at Essar Oil’s refinery in Vadinar (India), Chief Executive Officer of the Russian oil major Igor Sechin said on Friday in an interview with Italian newspaper Corriere della Sera.

"The Russian company acquired a stake in the leading Indian refinery located in Vadinar. High value of technological outfit of the refinery (Nelson Complexity Index of 11.8) making possible to maintain outstanding project economics (average refining margin over $10/bbl in last six months) was the significant factor determining the selection favoring this asset. Owing to proactive presence on the market of Venezuela Rosneft will be able to have material synergy from refining heavy feedstock from Latin America at Indian refinery’s facilities," Sechin said.

The modern refinery with integrated infrastructure will make possible to establish an energy hub in Vadinar, providing oil products to Southeast Asian markets and countries swept by the Indian Ocean, he added.

Essar Oil is a division of Essar Group and owns the second largest Indian private refinery in Vadinar.

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