11:40 GMT +318 June 2019
Listen Live
    Workers at an Indian oil refinery belonging to Essar Oil at Vadinar, some 380km from Ahmedabad. (File)

    Russia's Rosneft Closes Deal to Buy 49% of India's Essar Oil - Company

    © AFP 2019 / SAM PANTHAKY
    World
    Get short URL
    280

    Russia's Rosneft oil and gas company has closed a deal on the purchase of 49 percent of India-based Essar Oil limited company, Rosneft announced Monday.

    MOSCOW (Sputnik) — Russia's state-run Rosneft oil and gas company has closed a deal on the purchase of 49 percent in the India-based Essar Oil limited company, Rosneft announced Monday.

    "Rosneft successfully closed strategic transaction for the acquisition of 49.13 percent of shares of Essar Oil Limited (EOL) from Essar Energy Holdings Limited (EOL) and its affiliates," the Russian company said.

    An investment consortium comprising the Swiss commodity trading company Trafigura and Russia's United Capital Partners (UCP) announced the closure of a separate 49.13-percent share of Essar, Rosneft added.

    Rosneft and Essar invested $13 billion in the Indian market in the last fiscal. The entry of a company like Rosneft will change the purchasing behavior and dynamics of India's retail sector, according to energy expert Narendra Taneja.

     

    Related:

    Ex-German Chancellor Schroeder Aims to Join Rosneft Board Despite Criticism
    Rosneft Increased in H1 2017 Daily Average Hydrocarbon Production
    Rosneft Considering Proposals for FEPCO Project From US, China Investors - CEO
    Russia’s Rosneft Launches Geological Exploration in Pechora Sea
    Tags:
    oil and gas, deal, purchase, Rosneft, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik