MOSCOW, RUSSIA/VADINAR, INDIA: Rosneft has successfully completed the acquisition of 49.13 percent shares of Essar Oil Limited (EOL) from Essar Energy Holdings Limited (EOL) and its affiliates.
An investment consortium comprising Swiss commodity trading firm Trafigura and Russian private fund United Capital Partners (UCP) has also announced the closure of their acquisition of a separate 49.13 percent share of EOL.
The closing of the acquisition enables Rosneft to enter one of the world’s fastest-growing markets (29.8 percent cumulative GDP growth in India in 2013-2016).
Rosneft has acquired a stake in the first-class asset with a significant development potential. The Vadinar refinery, located in the state of Gujarat, possesses high feedstock flexibility, with heavy grades from Latin America accounting for more than half of all feedstock processed.
The refinery’s configuration is one of the most technologically complicated in the Asia-Pacific region and has significant prospects for expansion in the development of the petrochemical production. The availability of all the necessary infrastructure (a deep-water port, storage terminals and own power station are part of the transaction), as well as Rosneft’s shares in upstream projects in Venezuela and working offtake contracts with PDVSA, will provide Rosneft with significant operational synergies and help improve the refinery’s economics.
Read More: Rosneft completes acquisition of 49 pc stake in Essar Oil
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