As part of the deal, state-run ChemChina would increase its stake in Mercuria, one of the world's largest oil trading firms. ChemChina already holds a
Essar Oil aims to raise over $1 billion from traders after its new Russian owners could not raise loans from major Western banks due to sanctions on R
The closures follow the sale of its larger U.S. oil trading business to Vitol, announced in October, and a nine-month loss of some $3 billion reported
Suitors for the oil business have already signed non-disclosure agreements.
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