Rosneft finalises strategic deal in India

AFP, MOSCOW: Russia's state-controlled oil giant Rosneft announced yesterday it had closed a deal with India's Essar Oil that is the single largest foreign investment in India and is strategically important for Russia.

Announced in October 2016 as oil prices plunged, the deal values at $12.9 billion the Indian group that owns one of the world's most modern refineries -- Vadinar -- and controls over 3,500 petrol stations.

Rosneft is acquiring a 49 per cent stake, while another 49 per cent is being acquired by a consortium including global commodities giant Trafigura.

Essar in a statement called it "Russia's single largest foreign investment made anywhere in the world" and also "the single largest foreign investment in India."

One of the brothers who founded the company,

Shashi Ruia was quoted as saying "Today is a historic day for Indo-Russian economic ties."

He said the deal "reflects the shared vision of two of the world's most dynamic leaders."

Rosneft finalises strategic deal in India

AFP, MOSCOW: Russias state-controlled oil giant Rosneft announced yesterday it had closed a deal with Indias Essar Oil that is the single largest foreign investment in India and is strategically important for Russia. Announced in October 2016 as oil prices plunged, the deal values at $12.9 billion the Indian group that owns one of the worlds most modern refineries -- Vadinar -- and controls over 3,500 petrol stations. Rosneft is acquiring a 49 per cent stake, while another 49 per cent is being acquired by a consortium including global commodities giant Trafigura. Essar in a statement called it Russias single largest foreign investment made anywhere in the world and also the single largest foreign investment in India. One of the brothers who founded the company, Shashi Ruia was quoted as saying Today is a historic day for Indo-Russian economic ties. He said the deal reflects the shared vision of two of the worlds most dynamic leaders.