Report: Russia’s Rosneft in advanced talks to buy Indian refinery

MOSCOW, Feb 10 (PRIME) -- Essar Oil, India’s second largest oil refiner, is in advanced talks to sell a 49% stake to Russian oil major Rosneft, but the deal is likely to take more time, Indian daily The Economic Times reported Wednesday citing Essar Oil CEO Lalit Gupta.

“We have stated that we have signed a non-binding term sheet for exclusive negotiations to sell a 49% stake in the company to Rosneft. We are at an advanced stage of talks but will take more time to sign the actual deal,” Gupta said.

Rosneft agreed to buy the stake in Essar Oil in mid-2015. The company also agreed then to supply 10 million tonnes of oil to the facility annually within 10 years and double the plant’s annual capacity to 45 million tonnes by 2020 from 20 million tonnes.

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