Rosneft, partners close $12.9bn deal to buy Essar Oil
The Vadinar refinery in the Indian state of Gujarat. Image: Essar Oil
Rosneft and its partners have finalised their $12.9 billion (£10bn) takeover of India’s Essar Oil.
The Russian company and global trader Trafigura and Russian fund United Capital Partners have bought a 98.26% stake, with the rest held by retail investors.
They will take over the Vadinar refinery in the state of Gujarat, which has the capacity to process 400,000 barrels a day of crude oil.
The deal also includes a port, a power plant and 3,500 fuel stations.
Igor Sechin, Rosneft CEO said: “The acquisition of the stake in the Vadinar refinery creates unique opportunities of synergies with existing Rosneft-owned assets and will help improve efficiency of supply to other countries within the region.”
Article source: http://www.energylivenews.com/2017/08/23/rosneft-partners-close-12-9bn-deal-to-buy-essar-oil/
