Rosneft buys 49% stake in Essar Oil in bid for Asian expansion

Vadinar oil refinery Gujarat

Rosneft this week announced that it had signed a preliminary deal for the acquisition of  a 49% percent stake in Essar Oil, the Indian company that controls the country’s third largest oil refinery at Vadinar in Gujarat.
The move is Rosneft’s  latest attempt to wrest a share of the Asian energy markets from  Saudi Arabia as it looks to reduce its dependency on Western Europe as relations continue to deteriorate in the wake of events in Ukraine.
The company has set itself a target of exporting 40% of its oil to Asia by 2019 up from around 33% today.