A group led by Russian energy giant Rosneft has agreed to buy 98 percent stake in Essar Oil, the companies said in a statement on Saturday.
The transaction includes $10.9 billion paid for Essar Oil’s refining and retail assets and another $2 billion for the Vadinar port linked to the refinery and related infrastructure, the statement said.
The deal includes the signing of two different definitive agreements.
As part of the first agreement, 49 percent stake will be sold to Petrol Complex Pte. Ltd, a subsidiary of Rosneft. The second agreement will include the sale of another 49 percent to Kesani Enterprises Company Ltd, owned by a consortium led by Trafigura and United Capital Partners.
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