Russia’s Rosneft to acquire 49% stake in Essar Oil

The Russia’s state owned Oil Company Rosneft signed strategic agreement with Shashi Ruia’s Essar Oil to acquire its 49 per cent. The two companies have also agreed exploration and production of hydrocarbon in concurrence.

As per the agreement Rosneft will get a stake in 1,600 retail chain stations of Essar Oil and has planned to increase it to 5,000 within the next two years. It has also agreed to deliver 100 million tonnes of crude oil over next ten years to Essar Oil.

About Rosneft:

Rosneft is a state owned Russian oil company. It is the leader of Russia’s petroleum industry and the world’s largest publicly traded petroleum company.

It is engaged in series of activities from hydrocarbon exploration and production, refining to marketing of crude oil and gas.

About Essar Oil:

Essar Oil owns India’s second largest single site refinery having a capacity of 20 million tonne per annum and stands amongst the highest globally. It is a fully incorporated oil & gas company of international scale having strong footprints across the hydrocarbon value chain from exploration & production to refining and oil retailing. It owns 1,600 retail outlets in India and holds over 1.7 billion barrels of oil. Its refining capacity is projected to increase to 45 million tonne per annum by 2020.

Note: Essar Oil has decided to de-list itself from the Indian stock markets.

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Categories: Business & Economy Current Affairs 2017

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