In October 2016, Rosneft signed an agreement to acquire a 49% stake in Essar Oil Limited

Rosneft CEO Igor Sechin did not rule out that the company might implement petrochemical project at the refinery of Indian Essar Oil, he said in an interview with Rossiya 24 TV channel.

“It would be wrong to say that we do not see any prospects. The project includes a reserve plot of land that allows us to increase production and implement a second phase, possibly petrochemical,” he said.

In October 2016, Rosneft signed an agreement to acquire a 49% stake in Essar Oil Limited. The cost of acquiring 100% of the business in Essar Oil Limited by Rosneft and a consortium of international investors reached $12.9 bln.

The Essar plant specializes in processing heavy and super heavy oils. A significant part of the raw materials is supplied from Iran. Increasing network of filling stations to 5,500 is in the medium-term plans of the company.

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