Zee Media Bureau
New Delhi: Russian oil firm Rosneft on Thursday signed a pact with the Essar Oil, controlled by the Ruias, to buy a 49 per cent stake in Essar Oil.
Essar Oil shares surged as much as 5.1 per cent on Thursday to Rs 198.35 after Russia's Rosneft signed a deal to acquire up to 49 per cent stake in its Vadinar oil refinery.
The contract envisages supply of 100 million tonnes of crude oil for 10 years.
The refining capacity of Vadinar is 20 million tonnes per annum (mtpa). The companies also plan to raise the capacity to 45 mtpa by 2020.
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