Wednesday 23 August 2017

Rosneft, partners close $12.9bn deal to buy 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.”