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Rosneft Confirmed Its Interest to Enter Essar Oil Limited Share Capital

16 March 2016

During the visit to India Rosneft Chairman of the Management Board Igor Sechin has held negotiations with the Management of Essar. Preliminary mutual understanding has been achieved on the timing and structure of a deal to buy into the equity of Essar Oil Limited. The parties intend to sign and close the transaction by the end of June 2016 upon obtaining all necessary permits. In addition an agreement on crude oil deliveries to commence this year has also been achieved.

Note for editors:

The capacity of Vadinar refinery currently amounts to 20 MMTPA. This refinery is the second largest in India and one of a top ten world’s best refineries. The refinery is highly flexible in terms of raw materials use and is capable of refining heavy and sour oil grades. Essar Oil Limited plans to implement the modernization program expanding the refinery’s capacity up to 25 million tonnes per annum including production of 1 million tonnes per annum of propylene/polypropylene.

Essar Oil Limited also owns an operational network of 2,000 fueling stations in India. The company’s plans include expanding the network up to 5,000 stations. Deregulation of pricing at the Indian retail market opens perspective of retail sales growth.

Rosneft Information Division
Tel.: + 7 (499) 517-88-97
March 16, 2016

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligation to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.