(MENAFN) Giant Russian Rosenft had closed a deal to acquire the second largest private refiner in India, Essar Oil Limited (EOL).
According to the statement released by EOL after the announcement, around 98.26% stake in EOL will be acquired by the Russian oil producer for USD12.9bln.
Earlier, Rosenft acquired a stake of 49.13%, and the Trafigura-UCP consortium acquired an equal stake, while the remaining 1.74% stake will continue to be held by retail shareholders.
Rosneft CEO Igor Sechin stated: "The acquisition of the stake in the Vadinar refinery creates unique opportunities of synergies with existing Rosneft-owned assets and will help improve efficiency of supply to other countries within the region."
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