Rosneft acquires 49% of Essar Oil

Rosneft has agreed to buy a 49% stake in Essar Oil from Essar Energy Holdings and its affiliates.

Rosneft will acquire 49% of the Vadinar refinery, one of the most sophisticated refinery in the Asia-Pacific region, possessing a complex infrastructure. EOL's business also includes a vast network of 2.7 thousand Essar branded retail outlets across India.

The cost of the acquisition of 100% of EOL's business by Rosneft and a consortium of international investors (with Trafigura being one of its members) is $12.9 bln. In accordance with the set procedures a large international investment bank presented a report on the fairness of the valuation of the deal.

The price for 49% to be acquired by Rosneft will be subject to the actual net debt and net working capital as of the date of deal closing.