Rosneft, partners to invest around $12.9 billion in Essar Oil - CEO

Source : REUTERS
Last Updated: Sat, Oct 15, 2016 15:23 hrs
Storage tanks of an oil refinery of Essar Oil are pictured in Vadinar

GOA, India (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 on Saturday.

Sechin said a refinery and port owned by the Indian firm were worth around $10 billion and $2.9 billion respectively.

India and Russia signed a deal on Saturday 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.

(Reporting by Denis Pinchuk; Writing by Jack Stubbs; Editing by Andrew Heavens)



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