(FE)
Russia’s largest oil producer Rosneft’s $13 billion buyout of the single-largest controlling stake in India’s Essar Oil is sure to give it a strong foothold and a head start in the world’s fastest growing major economy’s vast and rapidly expanding retail fuel market, which is cheering the recent implementation of daily revision in petrol and diesel prices.
State-run oil exploration and production company Rosneft said on Thursday that it has completed its delayed takeover of a 49% equity stake in the private oil refining and marketing Essar Oil for $13 billion, or about Rs 84,000 crore, closing a deal agreed in October last year. Commodity trader Trafigura will pick up another 25% stake. The acquisition will augment Rosneft’s oil refining output by 20% this year, it said.
