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Rosneft on the verge of completing Essar Oil acquisition

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Posted / Last update: 23-06-2017

Rosneft PJSC, Russia´s biggest oil producer, says it has almost completed the multibillion-dollar acquisition of Essar Oil.


Welcome arch of Vadnar Refinery | Essar Oil

The acquisition will marks the oil company´s entry into India´s booming market. The country´s GDP has been growing at an average of 7.2% during the last three years and it will soon surpass China as the world´s most populated country.

“Yesterday the legal decision on Rosneft’s guaranteed entry in Essar was formalized,” Rosneft chief executive officer Igor Sechin said Thursday at a company annual general meeting, reports Live Mint. 

In October of 2016, a consortium led by Rosneft signed a deal to acquire 98% of India´s second largest oil firm in a deal worth close to $12.9 billion.

“We expect to complete the transaction in the upcoming few weeks,” Manish Kedia, a spokesman for Essar Oil, said on Thursday.

The acquisition consists of a large refinery in Gujarat, 2,700 fuel stations, a port, and further assets.

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