CEO: Rosneft about to close acquisition of Essar Oil

SOCHI, Jun 22 (PRIME) -- Russian oil major Rosneft has signed a legal agreement guaranteeing the purchase of a stake in Indian refinery Essar Oil, which means that the deal is about to be closed, CEO Igor Sechin said at an annual shareholder meeting on Thursday.

“A legal decision guaranteeing Rosneft’s acquisition of part of Essar’s capital and management of the assets was formalized yesterday. At this point, I can say that after purely technical procedures are finished, the deal can be considered complete,” Sechin said.

Rosneft will acquire a 49% stake in Essar Oil and another 49% will be shared between commodities trader Trafigura and Russian private investment group United Capital Partners on the basis of Essar Oil valuation of U.S. $12.9 billion.

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