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ESSAR PRESS RELEASE

Rosneft and UCP-Trafigura consortium sign agreement to acquire 98% in Essar Oil

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Leadership Speak

“It is a historic day for Essar. The transaction demonstrates our unique ability to build world-class assets and create immense value in our businesses. The monetisation of our stake in Essar Oil will help drive the next level of growth for our other businesses.

Mr Shashi Ruia
Essar Group Chairman

“We have once again reinforced our unique expertise in project incubation, execution, value creation and monetisation. We have established world-class assets that have attracted the attention of leading global companies and investors. The deals we have done have led to an FDI infusion of more than $30 billion into India.”

Mr Prashant Ruia
Director, Essar

This is a significant milestone for the Company. Rosneft is entering one of the most promising and fast-growing world markets. At the same time, this project provides unique opportunities for synergies with the existing assets of the Company and is consistent with Rosneft's enhanced presence in the fast growing markets of other APR countries, such as Indonesia, Vietnam and The Philippines”

Mr Igor Sechin
Chairman, Rosneft

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