Russia’s Rosneft Closes Deal to Buy 49% of India’s Essar Oil – Company

Russia’s Rosneft oil and gas company has closed a deal on the purchase of 49 percent in 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 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

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