MOSCOW, November 1. /TASS/. Acquisition of a stake in India’s Essar Oil by Russian oil major Rosneft is strategic by nature, Chief Financial Officer of UK's BP Brian Gilvary said on Tuesday.

"It's deeply strategic, it's good," Gilvary said responding to a question about the deal.

It was reported earlier Rosneft will buy 49% in Essar Oil Limited. Procedures required to complete the deal, including approvals by antimonopoly authorities, are expected to be completed by the end of the year. Essar Oil owns the second largest private refinery in India, based in Vadinar.

BP holds the stake of 19.75% in Rosneft.