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Essar says hopes to close sale to Rosneft-led consortium in next few weeks

LiveMint logoLiveMint 31-03-2017 Reuters

New Delhi/Moscow: The acquisition of Indian refiner Essar Oil by a consortium led by Russian oil company Rosneft is expected to be completed in the next few weeks, Essar said in written comments to Reuters on Friday.

“The parties are working towards obtaining the requisite approvals to complete the transaction. We are hopeful that the deal will be completed in the upcoming few weeks,” Essar said.

All the parties, which include Rosneft and commodities trader Trafigura along with Russian private investment group United Capital Partners, have previously said that the deal was expected to be completed within the first quarter.

A Rosneft spokesman confirmed on Friday that the timing of the deal’s completion had moved. UCP declined to comment.

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