Rosneft to complete 49% stake buy in Essar Oil in 'nearest future'

The $12.9 bn deal has been held up by creditor banks to Essar and some regulatory approvals

Russian largest oil producer Rosneft said on Wednesday that it plans to complete the deal to acquire a 49 per cent stake in India's Essar Oil in the "nearest future".

The closure of the $12.9 billion deal, signed last year, has been held up by creditor banks to Essar and some regulatory approvals.

Rosneft said all the necessary legal approvals have been received by the purchasers and sellers.

"The parties received no additional inquiries from the Indian Authorities. Excluding the (Vadinar) port from the deal is not being considered by the parties," it said.