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)
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.