Rosneft closes deal to buy 49% in India’s Essar Oil

MOSCOW, Aug 21 (PRIME) -- Russian oil major Rosneft has closed a deal to buy a 49.13% stake in India’s Essar Oil Limited, the company said in a statement on Monday.

“Rosneft has successfully closed a strategic deal to buy 49.13% of shares of Essar Oil Limited (EOL) from Essar Energy Holdings Limited and affiliated companies. A consortium of international investors comprising Trafigura and UCP simultaneously announced closing a deal to buy 49.13% in EOL. The price parameters of the deal correspond with earlier signed binding documents,” the statement said.

Rosneft announced purchase of the Essar Oil stake in October 2016 with the price based on Essar Oil’s business estimate at U.S. $12.9 billion. Rosneft said then it will acquire a 49% stake, a consortium comprising oil trader Trafigura and investment group United Capital Partners (UCP) will buy another 49%, and a 2% interest will remain with the Ruia family.

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