India’s Essar Oil has finalized the transfer of four drilling rigs and seven workover rigs to the Abu Dhabi based Bin Jabr Group. The deal has value of approximately $48-62 million.
According to Essar representatives, the sale of its drilling unit is aligned with a company decision to concentrate on its exploration, refining and marketing activities. Earnings from the transaction will be used to finance the completion a new refinery project.
The Bin Jabr Group is a 100 percent locally owned company licensed to import and trade equipment for trucks, airport support, marine structures and electronics. The company is also authorized to deal in the oil and gas sector. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
