Russian oil major Rosneft and partners closed their $12.9 billion purchase of Indian refiner Essar Oil on August 21, giving them a foothold in one of the world’s fastest growing oil users.
The deal is the first foray by Rosneft into Asia’s refining sector and the biggest foreign acquisition ever in India, as well as Russia’s largest outbound one. It also deepens Russian and Indian economic ties that stretch back to the Soviet era.
