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Russia's Rosneft CEO says takeover of India's Essar is closed
June 22, 2017 / 12:02 PM / 6 months ago

Russia's Rosneft CEO says takeover of India's Essar is closed

SOCHI, Russia (Reuters) - The takeover of India’s Essar Oil by Russia’s largest oil producer Rosneft (ROSN.MM) can be now considered as closed, Rosneft CEO Igor Sechin told a shareholders’ meeting on Thursday.

Rosneft Chief Executive Igor Sechin speaks during a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. REUTERS/Sergei Karpukhin

The deal, where Rosneft will hold a 49 percent stake, will allow the Russian company to increase oil refining output by 20 percent this year, he said.

    Sechin also said that the synergy effect from the privatization of oil company Bashneft (BANE.MM) had totaled more than 40 billion rubles ($669.9 million) in the first two quarters of this year.

    Rosneft’s gas production is set to be rising by more than 10 percent a year, Sechin said, while overall investments are seen at more than 1 trillion rubles annually in the coming years.

    ($1 = 59.7109 rubles)

    Reporting by Vladimir Soldatkin; Writing by Dmitry Solovyov; Editing by Katya Golubkova

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