Talks Surface on Rosneft Taking 49% Stake in India's Essar Oil

Russia's OAO Rosneft is believed to be negotiating for a 49 percent stake in India's privately owned oil and gas company Essar Oil Ltd., giving the firm a foothold in the South Asian country, according to a report by Indian daily The Economic Times Tuesday.

The cost of acquiring the interest in Essar Oil is likely to cost Rosneft, the world's largest publicly traded firm, around $7 billion to $8 billion (INR 420 billion to INR 480 billion).

There was no comment on the proposed acquisition by Rosneft when it was contacted by The Economic Times although Essar responded by stating that "it is not our policy to comment on market speculations."

A source told the Indian daily that Rosneft may be keen to purchase a stake in Essar's flagship Vadinar Refinery -- India's second largest refinery -- with the Russian company paying for the acquisition through a combination of cash and crude supply.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Director Downhole Tool Engineering
Expertise: Electrical Engineering|Engineering Manager|MWD / LWD
Location: Houston, TX
 
Senior Land Professional Job
Expertise: Landman|Lease Analyst
Location: Oklahoma City, OK
 
Surface Land Professional Job
Expertise: Landman|Lease Analyst
Location: San Antonio, TX
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours