Deals
Rosneft Says Essar Takeover Is Done Pending Final Details
- Once technicalities resolved, ‘we’ll consider the deal closed’
- Ruia brothers agreed to sell 98% stake in Essar Oil in October
An Essar Oil Ltd. refinery in Vadinar, India, on Oct. 4, 2016.
Photographer: Sam Panthaky/AFP/Getty ImagesThis article is for subscribers only.
Rosneft PJSC, Russia’s biggest oil producer, said it has all but completed its multibillion-dollar joint purchase of India’s Essar Oil Ltd., expanding its access to the Asian nation’s burgeoning fuel market.
“Yesterday the legal decision on Rosneft’s guaranteed entry in Essar was formalized,” Rosneft Chief Executive Officer Igor Sechin said Thursday at the Moscow-based company’s annual general meeting. “After some technical procedures are done, we’ll consider the deal closed.”