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2016-10-14 18:45:00

ROSNEFT WILL BUY INDIA

ROSNEFT WILL BUY INDIA

REUTERS wrote, Russian oil major Rosneft , along with European trader Trafigura and Russian fund UCP, will acquire 98% in India's Essar Oil for about $12 B - $13 B including debt, two sources familiar with the deal told.

Rosneft will get 49% and the two investors -- Trafigura and UCP -- will hold the remaining 49% in equal parts, the sources said, adding that the valuation included about $4.5 B in assumed debt.

Essar Oil operates a 400 Mbpd oil refinery on India's west coast and sells fuels through its 2,470 filling stations in India.

The company is part of a steel-to-ports conglomerate controlled by the billionaire Ruia brothers that has faced pressure from creditors to reduce borrowing that some analysts estimate at more than $14 B.

One source said the deal will be funded by Russia's VTB Capital, part of state-controlled bank VTB.

The Indian firm is expected to announce the deal on Saturday in the coastal resort of Goa during a visit by President Vladimir Putin, who will meet Indian Prime Minister Narendra Modi for a bilateral summit.

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Earlier:

ROSNEFT: 

ROSNEFT BOUGHT BASHNEFT 

ANTI-OPEC POSITION 

ROSNEFT'S STRATEGIC INVESTMENT 

ROSNEFT SOLD $2 BLN 

ROSNEFT & PERTAMINA AGREEMENT

 

ESSAR: 

RUSSIA OPENS INDIA 

INDIA & RUSSIA DEAL 

ПОСТАВКИ РОСНЕФТИ ДЛЯ ESSAR 

РОСНЕФТЬ И ESSAR ДОГОВОРИЛИСЬ

 

Tags: ROSNEFT, RUSSIA, INDIA, ESSAR, TRAFIGURA, UCP

Chronicle:

ROSNEFT WILL BUY INDIA
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ROSNEFT WILL BUY INDIA
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LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

ROSNEFT WILL BUY INDIA
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BAHRAIN'S GDP UP 3.2%

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ROSNEFT WILL BUY INDIA
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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