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Essar Oil and OJSC Rosneft Oil Company sign long term crude supply aggreement

Essar Oil and OJSC Rosneft Oil Company has signed a long term crude oil supply agreement at Ufa, Russia for import of crude oil over a period of 10 years. This contract has been signed in pursuance to the key terms executed between the two companies in December 2014 at New Delhi.

The contract will ensure supplies of 10 million tons per annum of crude oil and feedstock to Essar`s Vadinar refinery over a period of 10 years.

Expanding the scope of partnership, Rosneft and Essar Oil & Gas / Essar Energy Holdings, companies incorporated and managed under the laws of Mauritius, have signed a non-binding term sheet with regard to Rosneft`s participation in the equity capital of Essar Oil with a share of up to 49%. The proposed transaction is conditional upon various factors such as due diligence, determination of the transaction price, execution of definitive transaction documents and receipt of requisite approvals.

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