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Russia's Rosneft closes deal to buy 49 pct stake in India's Essar Oil

Worker at Vankor Field, operated by Russian national oil company Rosneft, in Igarka, Russia.
Stanislav Zalesov | Kommersant | Getty Images

Russia's largest oil producer Rosneft said on Monday it had successfully closed a deal to buy a 49 percent stake in Indian private refiner Essar Oil Limited (EOL).

An investment consortium comprising Trafigura and UCP has also announced the closure of their acquisition of a separate 49 percent share of EOL.

"Together with our partners we intend to support the company to significantly improve its financial performance and, in the medium term, adopt an asset development strategy," Rosneft cited its CEO Igor Sechin as saying in a statement.