In a spectacularly costly gamble aimed at boosting Russia’s strategic position, state-controlled giant Rosneft is investing in India’s Essar Oil to muscle into a promising market with outlets throughout Asia.
Russian President Vladimir Putin returned from last week’s Brics summit in Goa with one of the largest deals the oil sector has seen in the last two years of falling prices: 98% of Essar Oil at a valuation of $12.9bn.
Rosneft – Russia’s biggest oil company led by Putin’s close ally Igor Sechin – will buy 49% of Essar Oil, which owns the Vadinar refinery in western India.
Vadinar is one of the …read more
Source: Gulf times
