Russia’s Rosneft completes Essar Oil takeover deal

The deal to take over India’s Essar Oil by Russia’s largest oil producer Rosneft has been completed. The deal, where Rosneft will hold a 49 per cent stake, will allow the Russian company to increase oil refining output by 20 per cent this year. Rosneft’s gas production is expected to rise by more than 10 per cent annually.