Essar Oil to Announce Closure of $13 Billion Sale deal with Rosneft Today



Ending months of negotiations with various stakeholders, Essar Group will be announcing the closure of its $13-billion deal to sell flagship Essar Oil to a consortium led by Russian energy major OAO Rosneft on Monday morning.

Rosneft, along with Russian private fund United Capital Partners (UCP) and Swiss commodity trading firm Trafigura, are buying 98 per cent in Essar Oil that includes India’s second largest refinery at Vadinar and nearly 3,000 fuel retail outlets.

The transaction, announced by Indian Prime Minister Narendra Modi and Russian President Vladimir Putin last October during the BRICS Summit has been much delayed over haggles by Essar’s creditors and India’s intelligence establishment raising several red flags.