Rosneft aims to complete purchase of Essar Oil by end June | Reuters

MOSCOW Russia's largest oil producer Rosneft expects to complete the acquisition of Indian refiner Essar Oil by the end of June, Rosneft's chief financial officer Pavel Fedorov said on Wednesday.The $12.9 billion deal, the largest acquisition of an Indian company by a foreign firm, will give Rosneft a 49 percent stake in Essar to pursue its global expansion plans. The deal was initially expected to close by the end of March.

"As you know, it is currently planned to complete the deal on Essar assets acquisition by the end of this quarter," Fedorov said during a conference call.The deal has been delayed because some Indian lenders to Essar have yet to give their approval.

Another 49 percent share will be split between commodities trader Trafigura and Russian investor United Capital Partners (UCP). The billionaire Ruia brothers will retain a 2 percent stake.

Russia has increased Urals oil supplies to India, taking market share from members of the Organization of Petroleum Exporting Countries. Russia has joined an OPEC-led pact to curb global supplies in a bid to lift crude prices.Russian oil flows to India are expected to rise further once the Rosneft the deal to buy Essar plant is completed. (Reporting by Vladimir Soldatkin; Editing by Edmund Blair)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: May 10, 2017 20:20 PM

Also Watch

IPL 2018: Royal Challengers Bangalore eye revival against Chennai Super Kings as 'Cauvery Derby' comes back to life
  • Thursday, April 26, 2018 In the Kanjarbhat community, a campaign against 'virginity tests' is slowly gaining ground
  • Tuesday, April 24, 2018 It's A Wrap: Beyond the Clouds stars Ishaan Khatter, Malavika Mohanan in conversation with Parul Sharma
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See