Rosneft Beat Four Suitors to Buy Refinery in Surging Oil Market

  • Deal helps Essar reduce debt by about $10 billion, Ruia says
  • Essar will use part of proceeds to invest in its steel unit

Rosneft, Trafigura Buy Indian Refiner

For the billionaire Ruia brothers, who sold their stake in India’s second-largest refinery to Rosneft PJSC and a group led by Trafigura for about $13 billion, the biggest surprise was the number of suitors for the oil processor.

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