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Rosneft’s initial payment for stake in Indian Essar Oil totals $300 mln

February 22, 2017, 14:06 UTC+3 MOSCOW
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MOSCOW, February 22. /TASS/. Rosneft’s initial payment for a 49% stake in India’s Essar Oil amounted to $300 mln, according to the financial report the Russian oil producer released on Wednesday.

In October 2016, the company signed an agreement to acquire a 49% stake in Essar Oil Limited (EOL). As a result of the acquisition, Rosneft will receive a stake in a modern oil refinery in the Asia-Pacific region in Indian Vadinare, which has integrated infrastructure. The EOL business also includes a large network of petrol stations in India operating under the Essar brand.

"The initial payment amounted to $300 mln [19 billion rubles at the CBR official exchange rate at the date of the transaction]," the report said.

Rosneft plans to finalize the transaction on purchase of a 49% stake in Essar Oil by the end of the first quarter of this year.

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