(Adds details, quote)
MOSCOW May 10 Russia's largest oil producer
Rosneft expects to complete the acquisition of Indian
refiner Essar Oil by the end of June, Rosneft's chief
financial officer Pavel Fedorov said on Wednesday.
The $12.9 billion deal, the largest acquisition of an Indian
company by a foreign firm, will give Rosneft a 49 percent stake
in Essar to pursue its global expansion plans. The deal was
initially expected to close by the end of March.
"As you know, it is currently planned to complete the deal
on Essar assets acquisition by the end of this quarter," Fedorov
said during a conference call.
The deal has been delayed because some Indian lenders to
Essar have yet to give their approval.
Another 49 percent share will be split between commodities
trader Trafigura and Russian investor United Capital
Partners (UCP). The billionaire Ruia brothers will retain a 2
Russia has increased Urals oil supplies to India, taking
market share from members of the Organization of Petroleum
Exporting Countries. Russia has joined an OPEC-led pact to curb
global supplies in a bid to lift crude prices.
Russian oil flows to India are expected to rise further once
the Rosneft the deal to buy Essar plant is completed.
(Reporting by Vladimir Soldatkin; Editing by Edmund Blair)