Essar Oil plans to explore oil in Uganda

Ruia’s led Essar Oil hopes to partner with Uganda’s government for oil exploration in the East African country, Uganda. The country is in need of a refinery since it has discovered oil reserves there. According to Tullow Oil Plc, one of the oil exploring company in the country, Uganda has an estimated 2 billion barrels of crude, with 800 million barrels already discovered.

Last year, Essar announced that it will buy a stake in Dhabi Group’s Ugandan unit known as Warid Telecom.

Essar Oil is currently quoting at Rs 124.85 down by 2.23% from its previous close. The stock hit an intraday high of Rs 128.25 and low of Rs 124.60. So far, 875,345 shares have been traded on NSE.

Essar Oil Limited (EOL), part of Essar group is an India-based company that is engaged in the exploration, production and marketing of oil and gas. The Company’s principal activities range from oil exploration to the downstream sectors of marketing oil products and petrochemicals. It is organized into three divisions: exploration and production, refinery and marketing.