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Russia's Rosneft, partners to invest around $12.9 billion in Essar Oil: CEO

India and Russia signed a deal on Saturday to pave the way for a group led by Rosneft to acquire Essar. Photograph: (Reuters)

Reuters Goa, India Oct 15, 2016, 11.27 AM (IST)

A group led by Russian oil major Rosneft will invest around $12.9 billion in India's Essar Oil, chief executive Igor Sechin told reporters today.

 

Sechin was quoted as saying by international agency Reuters that a refinery and port owned by the Indian firm were worth around $10 billion and $2.9 billion respectively.

 

On the sidelines of BRICS Summit 2016, India and Russia signed a deal today to pave the way for a group led by Rosneft to acquire Essar.

 

Officials from Russian lender VTB, which is giving Essar $3.9 billion in credit for debt reconstruction, said Rosneft would pay around $3.5 billion for its stake in Essar, the same amount as European trader Trafigura and Russian fund UCP.

 

(Reuters)

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