Owners of Essar Oil Ltd., which operates a 405,000-b/d refinery at Vadinar, India, have entered agreements to sell a total of 98% of the company to Russian and other investors for $12.9 billion cash.
A subsidiary of PJSC Rosneft, Petrol Complex Pte. Ltd., will buy a 49% interest. A consortium led by the trading group Trafigura and including United Capital Partners (UCP) of Moscow, will buy the other 49% stake.
Essar Energy Holdings Ltd., which owns Essar Oil with Oil Bidco (Mauritius Ltd.), said the deals cover enterprise values of $10.9 billion for the refinery and retail operations and $2 billion for the deepwater Vadinar port in Gujarat.
Enterprise Oil’s retail business includes about 2,700 service stations.
Interests in the consortium led by Trafigura are Trafigura and UCP, 49% each, and Essar Holdings, 2%.