By John Lee.
India’s Essar Group has completed the sale of its 98.26-percent holding in Essar Oil to Russia’s Rosneft and partners.
Rosneft will take a 49.13 percent stake in Essar Oil, with a consortium of Trafigura and United Capital Partners (UCP) taking an equal stake, Essar Oil said in a statement.
Essar Oil still owes Iran about 2 billion euro for crude oil purchases; according to a report from Bloomberg, this will be paid by the company under its new owners, subject to necessary approvals.
(Sources: Essar Group, Bloomberg)