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

LiveMint logoLiveMint 22-06-2017 Vladimir Soldatkin

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

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

Sechin also said that the synergy effect from the privatisation of oil company Bashneft had totalled more than 40 billion roubles ($669.9 million) in the first two quarters of this year.

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

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