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Rosneft completed a deal to acquire a stake in the Indian oil company Essar Oil

The aim of the purchase is to enter the markets of the Asia-Pacific region and South-East Asia.

21.Aug.17 12:27 AM
By Swan


Rosneft completed a deal to acquire a stake in the Indian oil company Essar Oil

The share of the Russian company in Essar Oil Limited was 49.13%. Another 49.13% of shares were purchased by an international consortium, which included the Singapore Trafigura and the Russian UCP.

According to Rosneft, Essar Oil includes an oil refinery in Vadinar, Gujarat. The company notes that the factory operates with fuel from Latin America. Rosneft plans to send oil to Vadinar, received from the Venezuelan PDVSA.

Initially, the transaction was closed in June. According to Reuters, payment was postponed because of the contradictory position of Indian creditors. Against the participation of Rosneft in the management of the port and refineries in Vadinar, the Ministry of Internal Affairs and intelligence of India objected.

The total amount of the transaction is $ 12.9 billion. The parties agreed to the entry of Rosneft into the capital of Essar Oil in July 2015. Also, the companies signed a contract for the supply within ten years of 100 million tons of Russian oil for processing at an oil refinery in India.

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