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Rosneft plans to close Essar deal in coming days

August 10/2017

MOSCOW (MRC) Russia's Rosneft plans to close the deal to buy a stake in India's refiner Essar Oil in the coming days, Pavel Fyodorov, Rosneft first vice-president, told a conference call on Tuesday, as per Reuters.

He added that Rosneft had made around USD6 B in pre-payments to Venezuelan state company PDVSA and had no immediate plans to make any further advance payments soon.

In 2015, Rosneft signed a preliminary agreement with the Essar group, controlled by the Ruias, to buy a 49% stake in Essar Oils Vadinar refinery and supply 100 million tonnes of oil to the latter for the next 10 years.

Rosneft became Russia's largest publicly traded oil company in March 2013 after the USD55 billion takeover of TNK-BP, which was Russias third-largest oil producer at the time.
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil, Rosneft, Russia.
Category:General News
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