Essar Oil’s Iran Debt expected to be Paid

By John Lee.

India’s Essar Group has completed the sale of its 98.26-percent holding in Essar Oil to Russia’s Rosneft and partners.

Rosneft will take a 49.13 percent stake in Essar Oil, with a consortium of Trafigura and United Capital Partners (UCP) taking an equal stake, Essar Oil said in a statement.

Essar Oil still owes Iran about 2 billion euro for crude oil purchases; according to a report from Bloomberg, this will be paid by the company under its new owners, subject to necessary approvals.

(Sources: Essar Group, Bloomberg)

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