India Essar Closes Sale Of Refining Arm To Rosneft Led Consortium

www.oann.com | 8/21/2017 | Staff
stefania (Posted by) Level 3
MUMBAI (Reuters) – India’s Essar Group on Monday announced closure of $12.9 billion deal to sell its refining arm Essar Oil to a consortium led by Russian oil major Rosneft , boosting ties between the world’s top oil producer and the fastest growing fuel consumer.

The purchase is the biggest foreign acquisition ever in India and Russia’s largest outbound deal. It helps Russia deepen economic ties with India that stretch back to the Soviet era.

Rosneft - Stake - Essar - Oil - Investors

Rosneft will get a 49.13 percent stake in Essar Oil and the two investors, European trader Trafigura and a Russian fund UCP, will hold a similar stake in equal parts, Essar group said in a statement. The rest will be held by retail investors.

The deal will give Rosneft and its partners control of 400,000 barrels per day (bpd) Vadinar refinery in western Gujarat and its 3,500 retail fuel stations in India, where fuel demand is expected to rise by 5-7 years in next few years.

Deal - Pressure

The deal also reduces some of the pressure...
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