Commodities & Energy

Reuters exclusively reports Rosneft's $12.9 billion Essar Oil deal held up over debt issues

Reuters exclusively reports Rosneft's $12.9 billion Essar Oil deal held up over debt issues

Reuters reported exclusively that Russian state oil firm Rosneft was struggling to close its $12.9 billion acquisition of India’s Essar Oil because six of Essar’s Indian creditors have yet to approve the deal. The government-controlled banks and financial institutions that are delaying Rosneft’s biggest foreign acquisition hold about $500 million of Essar’s debt. The deal would give Rosneft a 49 percent stake, with a further 49 percent split between Swiss commodities trader Trafigura and Russian fund United Capital Partners.