Rosneft completes acquisition of Essar Oil stake

Russian energy major Rosneft has announced that it has completed the acquisition a 49.13% equity stake in India’s Essar Oil from Essar Energy Holdings and its affiliates. The value of the deal is around $12.9bn.

Additionally, an investment consortium comprising Trafigura and UCP has also completed their acquisition of a separate 49.13% share of Essar Oil.

The purchase is the biggest foreign acquisition ever in India and Russia’s largest outbound deal.

Rosneft said the assets of Essar Oil has a significant development potential and create synergy for the company’s businesses in the Asia Pacific markets。

“This day marks the beginning of a new chapter for Essar Oil. Together with our partners we intend to support the company to significantly improve its financial performance and, in the medium term, adopt an asset development strategy. The closing of the deal is a remarkable achievement for Rosneft too: the company has entered the high-potential and fast-growing Asia Pacific market. The acquisition of the stake in the Vadinar refinery creates unique opportunities of synergies with existing Rosneft-owned assets and will help improve efficiency of supply to other countries within the region,” said Rosneft’s Chief Executive Officer Igor Sechin.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
Back to top button