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Russia's Rosneft closes deal to buy 49 per cent stake in India's Essar Oil

Reuters
Moscow, RussiaUpdated: Aug 21, 2017, 06:34 AM IST
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The Rosneft logo is seen at the central processing facility of the Priobskoye oil field outside the West Siberian city of Nefteyugansk. Photograph:(Reuters)

Russia's largest oil producer Rosneft said on Monday it had successfully closed a deal to buy a 49 per cent stake in Indian private refiner Essar Oil Limited (EOL).

An investment consortium comprising Trafigura and UCP has also announced the closure of their acquisition of a separate 49 per cent share of EOL.

"Together with our partners, we intend to support the company to significantly improve its financial performance and, in the medium term, adopt an asset development strategy," Rosneft cited its CEO Igor Sechin as saying in a statement.