28.10.2016 - Russia buys its way into India's oil market
India After two years of struggling under low crude prices and Western sanctions, Russia has made a major conquest, securing a sizable portion of India's oil market. A consortium led by Russia's state-owned Rosneft on Oct. 15 announced it would acquire 98% of India's Essar Oil for over $10 billion. The deal with the debt-laden Essar group is structured to limit Rosneft's stake to 49%, circumventing the sanctions brought on by the Ukraine conflict. The other 49% will be held by Kesani Enterprises, which is owned by Switzerland-headquartered commodity trader Trafigura, and United Capital Partners, a Moscow-based private investment company..........................................Full Article: Source
Print