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Rosneft says Essar takeover is done pending final details

Ruia brothers in October agreed to sell a 98% stake in Essar Oil to Rosneft

Stephen Bierman  |  Moscow 

Rosneft, Russia’s biggest oil producer, said it has all but completed its multibillion-dollar joint purchase of India’s Essar Oil, expanding its access to the Asian nation’s burgeoning fuel market. “On Wednesday the legal decision on Rosneft’s guaranteed entry in Essar was formalised,” Rosneft Chief Executive Officer Igor Sechin said on Thursday at the Moscow-based company’s annual general meeting. “After some technical procedures are done, we’ll consider the deal closed.” India’s billionaire Ruia brothers in October ...

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First Published: Fri, June 23 2017. 00:50 IST