Essar Oil Completes Land Rig Sale to Bin Jabr Group

Essar Oil of India has completed the sale of its 11 land rigs to the Bin Jabr Group of Abu Dhabi for $60 million. Essar sold four deep drilling rigs and seven workerover rigs to Abu Dhabi based company to help finance its downstream business unit.

The sale was subsequent to Essar's decision to become an integrated oil and gas company with focus on three areas - exploration and production, crude oil refining and bulk and retail marketing of petroleum products.