Indian firms pick up Rosneft assets
India The 405,000-bpd Essar Refinery in India
Signed upon a visit to India by Rosneft CEO Igor Sechin, the agreement with ONGC entails the latter raising its share in the Vankor field from 15% to 26%. Upon finalisation of the deal, Oil India, Indian Oil and Bharat Petroresources will together acquire 23.9% in the field, which produced some 442,000 bopd in 2014.
The three mentioned companies also entered into an agreement for a 29.9% stake in the Taas-Yuriakh field, reportedly worth USD 1.7 billion. In 2015, Rosneft shareholder BP acquired a 20% stake for USD 750 million.
On his visit, Sechin also disclosed plans to buy a 49% share in the Essar Oil Refinery, located in Vadinar. “We’ve had constructive talks in the course of the visit, and arranged a preliminary settlement regarding the procedures to finalise the deal […] The deal will be closed in 2016,” the Rosneft head said.
The Vadinar facility has a refining capacity of 405,000 barrels per day.
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