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Russian oil giant Rosneft says Essar deal essentially sealed, pending technical procedures

( June 23, 2017, 06:39 GMT | Insight) -- Russia's top oil producer, Rosneft, said a legal decision Thursday has formalized its guaranteed entry in Essar Oil, which it is acquiring for $13 billion from India's Ruia brothers, Live Mint reports.Russia's top oil producer, Rosneft, said a legal decision Thursday has formalized its guaranteed entry in Essar Oil, which it is acquiring for $13 billion from India's Ruia brothers, Live Mint reports. The Ruias sold their 98 percent stake in Essar Oil to Rosneft and a consortium comprising United Capital Partners and Trafigura Group. Essar said the transaction was the single-biggest foreign direct investment deal in India, giving Rosneft its Vadinar refinery and an outlet in the South Asian market. Rosneft said the deal will officially be sealed in the coming weeks as the final technical procedures are carried through.  ...

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