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A conglomerate of Russian companies headed by oil major Rosneft is acquiring India’s Essar Oil by USD 12 to 13 billion, including debt USD 4.5 billion in debt, according to Reuters.
Rosneft will acquire a 49 percent stake in Essar oil, while the other two investors, trader Trafigura and a Russian fund, UCP, will hold the remaining 49 percent in equal parts. Through this, Rosneft will get an additional outlet for its oil in the world’s largest growing fuel consumer.
Among Essar’s oil assets is the 400,000 barrels per day oil refinery in Vadinar, which produces petcoke and sells fuel through the company’s 2,470 stations in India. The Vadinar port and the power plant associated to the refinery are also included in the deal.
The deal will likely be announced during Vladimir Putin’s Russia’s premier to India. Rosneft is considering supplying the refinery with Venezuelan oil.
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