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Essar up after Vietnamese sale

Mon, 2nd Jul 2012 08:23

Essar Energy, the India focused energy firm, has agreed to sell a 50 per cent stake in a gas exploration block, offshore Vietnam.

Italian oil giant ENI is the buyer of the block, and under the agreement will also become its operator.

Essar has not revealed how much money it's getting for the sale but it does say that: "Further investment is required to establish gas reserves in the block and no gas is being produced at present."

The firm claims the sale is consistent with the strategy of "introducing strategic partners to help manage risk and of focusing on the development of [...] core assets."

Essar shares were up 3.5% at 09:51.

BS

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