Essar in talks with Aramco for stake sale in refinery business

According to reports, the Essar Group is holding preliminary discussions with Saudi Arabian oil company Saudi Aramco to sell a stake in its refinery business, Essar Oil Limited, which is valued at about $5.5 billion. The Essar Group is selling these assets because earnings were hurt by a fall in commodity prices, weak demand and lower capacity usage at its businesses. Saudi Aramco, the world’s biggest oil producer, is moving beyond producing and exporting crude and expanding into the processing and sale of oil products, which can fetch higher prices on world markets.