Rosneft, a Russian Oil Company, will enter retail petrol market of India, the country's Oil Minister Dharmendra Pradhan said on Sunday. According to the official, in the past fiscal year, Rosneft invested about $13 billion in a local oil refining company Essar.
“I the near future, we expect the closing of an acquisition of Essar Oil Ltd oil refinery by the international consortium headed by Rosneft, which also owns a network of 2,700 gas stations across India. Deregulation of pricing in the retail market of India has opened up the prospect of efficient growth in retail sales. The company plans a significant expansion of the network”, a representative from Rosneft told Life TV Channel.