Philadelphia Energy Solutions LLC, the owner of the largest U.S. East Coast oil refining complex, announced to its employees on Sunday that it plans to file for Chapter 11 bankruptcy, according to an internal memo...
Cummins in talks to acquire Kirloskar Oil Engines in $500 million deal
The Cummins Group, one of the world’s largest manufacturers of engines and power generation products, is in talks to acquire a controlling stake in Kirloskar Oil Engines Ltd in a deal valued at over $500 million through...
Kirloskar group in talks for majority stake sale in diesel generator unit
The Kirloskar group is in talks to sell a controlling stake in Kirloskar Oil Engines Ltd, its diesel generator manufacturing business, two people aware of the plan said. Kirloskar Oil Engines, one of the leading...
Buyers eye Sinopec’s Argentina oil assets in sale worth up to $1 billion: sources
Advisers to China’s Sinopec have offered its oil assets in Argentina to about a dozen potential suitors, three sources familiar with the matter said, as losses and labor headaches prompt Asia’s largest refiner to pull...
No plans to sell Stanlow refinery in UK, says Essar
After selling its domestic oil business to Russia’s Rosneft and partners for $12.9 billion, Essar Group has no plans to sell its Stanlow refinery in the UK, a senior company official said. Essar Oil (UK) Ltd Chief...
Ruchi Soya opts for separate business units via de-merger
Edible oil major Ruchi Soya Industries Ltd announced on Wednesday that it would demerge its business to make separate entities of its edible oil refining brand and other businesses comprising palm plantations, oil...
PwC, EY, ICICI Securities, 2 others in race to become HPCL deal advisor
PwC, JM Financial and ICICI Securities are among the five consultants vying to become transaction adviser to the government’s over Rs 33,000 crore stake sale in Hindustan Petroleum Corporation (HPCL) to Oil &...
Goldman Sachs buys into Aramco $10 billion loan as it seeks IPO role – sources
Goldman Sachs (GS.N) has bought a slice of Saudi Aramco’s (IPO-ARMO.SE) $10 billion credit facility as it seeks a role in the historic listing of the oil company, sources familiar with the matter told Reuters. It...
Philadelphia oil refinery taps debt restructuring adviser – sources
Philadelphia Energy Solutions LLC, the owner of the largest U.S. East Coast oil refining complex, has hired an investment bank to help tackle its debt burden, as it struggles with low profit margins, people familiar...
$13 billion Rosneft-Essar deal gets crucial LIC nod
Life Insurance Corp. of India (LIC) approved the $12.9 billion acquisition of Essar Oil by Russia’s Rosneft PJSC after the Essar group, controlled by the billionaire Ruia brothers, agreed to pay some of the money it...
From Oil Gushers to Golf Balls: Saudi Aramco Bets on Chemicals
Under a tent in the Saudi desert, Ziad Al-Labban’s showing off his vision for the world’s largest oil supplier — and it looks like an Ikea store. Al-Labban has spent his career helping Saudi Aramco meet about 10...
Rosneft says Essar Oil acquisition done, final details pending
Rosneft PJSC, Russia’s biggest oil producer, said it has all but completed its multibillion-dollar joint acquisition of Essar Oil Ltd, expanding its access to the Asian nation’s burgeoning fuel market. “Yesterday the...
