October 15, 2016 / 10:13 AM / a year ago

Russia's Rosneft, partners to invest around $12.9 billion in India's Essar Oil: CEO

GOA, India (Reuters) - A group led by Russian oil major Rosneft (ROSN.MM) will invest around $12.9 billion (10.37 billion pounds)in India’s Essar Oil ESRO.CL, Chief Executive Igor Sechin told reporters on Saturday.

Sechin said a refinery and port owned by the Indian firm were worth around $10 billion and $2.9 billion respectively.

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    India and Russia signed a deal on Saturday to pave the way for a group led by Rosneft to acquire Essar.

    Officials from Russian lender VTB (VTBR.MM), which is giving Essar $3.9 billion in credit for debt reconstruction, said Rosneft would pay around $3.5 billion for its stake in Essar, the same amount as European trader Trafigura and Russian fund UCP.

    Reporting by Denis Pinchuk; Writing by Jack Stubbs; Editing by Andrew Heavens

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