Three sources with direct knowledge of the matter said it was still too soon to detail the terms of the funding and pricing, but added it was likely to be a bridge loan.
UBS is advising Essar Oil on the acquisition, sources said.
An Essar spokesman said in an e-mailed response, “As a group, we keep looking at growth opportunities in the business in which Essar operates. However, it is not our policy to comment on any specific proposal.”
Last week, sources said that Essar Oil submitted bids for Stanlow refinery in UK and two refineries in Germany.
