Rosneft: Eyes Essar Stake

During the visit to India Rosneft Chairman of the Management Board Igor Sechin has held negotiations with the Management of Essar. Preliminary mutual understanding has been achieved on the timing and structure of a deal to buy into the equity of Essar Oil Limited. The parties intend to sign and close the transaction by the end of June 2016 upon obtaining all necessary permits. In addition an agreement on crude oil deliveries to commence this year has also been achieved.