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.