Economy

Lenders approve Rs 86000-crore Essar Oil-Rosneft deal

Lenders approve Rs 86000-crore Essar Oil-Rosneft deal”

"The joint lenders forum of 23 lenders led by SBI and ICICI Bank met here this morning and approved and authorised the release of shares of Essar Oil to facilitate the stake sale to Rosneft and the investment consortium led by Trafigura and UCP", the company said.

The sale involves the Ruias nearly exiting its cash cow in favour of Russian giant Rosneft and a consortium led by Trafigura-UCP. Sources did not elaborate on how much of the existing loans will be cleared though. This will cover India's second largest oil refinery at Vadinir and around 3,000 fuel stations across the country, the report said.

The Russian acquisition of Essar Oil has run into trouble over mandatory security clearances, The Hindu has learnt.

SOCHI, Russia Russia's largest oil producer Rosneft, which is state-controlled, plans to pay 50 percent of its net profit in dividends starting from 2017, and the plan will be presented to the government soon, Rosneft CEO Igor Sechin said on Thursday. Essar Global had chose to sell its stake after the company was struggling to pay the debt of its refining and retailing oil business.

The Rs 1,290-crore loan from LIC is towards Essar Power.

Rosneft, Russia's largest oil & gas company, will acquire 49 per cent of Essar Oil through its subsidiary Petrol Complex Pte.

The purchase of Indian refiner Essar Oil by a consortium led by Russian oil company Rosneft has been delayed, the two sides said on Friday, .

The refinery at Vadinar on the west coast of Gujarat has a debt of Rs 26,000 crore.

The exit of the Ruias from Essar Oil ends a chapter for the group which entered the business in the mid-1990s.

The deal will pave the entry of Rosneft into India's retail market as it will also own a vast network of 2,700 Essar-branded retail outlets across India.

Essar Oil's refinery now accounts for around 9 per cent of India's total refining output. More than Rs 13,000 crores will be paid for the 58 million tonne deep draft port used for importing crude and exporting finished products, the report read.

Of the Dollars 12.9 billion value, USD 6.5 billion is for the debt with Essar Oil and port. Also Putin asked Rosneft to discuss the development of high technologies, the latest production techniques and changes on the worldwide market at the forthcoming general shareholders' meeting.



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