Russia’s Rosneft CEO says takeover of India’s Essar is closed

Russia’s Rosneft CEO says takeover of India’s Essar is closed

The takeover of India’s Essar Oil by Russia’s largest oil producer Rosneft can be now considered as closed, Rosneft CEO Igor Sechin told a shareholders’ meeting on Thursday.

The deal, where Rosneft will hold a 49% stake, will allow the Russian company to increase oil refining output by 20% this year, he said.

Sechin also said that the synergy effect from the privatisation of oil company Bashneft had totalled more than 40 billion roubles ($669.9 million) in the first two quarters of this year. Read More…

 

Credit By : Livemint

 

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