Rosneft to buy 49% stake in Essar Oil

Russia’s top oil producer Rosneft on Wednesday said it has reached a preliminary agreement to buy 49 per cent stake in Essar Oil and the deal is likely to be concluded by June. Rosneft has concluded due diligence of Essar Oil, which operates the country’s second biggest private sector oil refinery at Vadinar in Gujarat. “We had constructive discussions with management of Essar. We achieved preliminary agreement on the terms and procedure,” Rosneft CEO Igor Sechin told reporters after meeting Essar Directors Prashant Ruia and Ravi Ruia here.