Russia's Rosneft, partners to invest around $12.9 billion in India's Essar Oil: CEO

October 15, 2016 5:44 AM EDT

Storage tanks of an oil refinery of Essar Oil, which runs India's second biggest private sector refinery, are pictured in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave

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GOA, India (Reuters) - A group led by Russian oil major Rosneft will invest around $12.9 billion in India's Essar Oil , Chief Executive Igor Sechin told reporters on Saturday.

Sechin said a refinery and port owned by the Indian firm were worth around $10 billion and $2.9 billion respectively.

India and Russia signed a deal on Saturday to pave the way for a group led by Rosneft to acquire Essar.

Officials from Russian lender VTB , which is giving Essar $3.9 billion in credit for debt reconstruction, said Rosneft would pay around $3.5 billion for its stake in Essar, the same amount as European trader Trafigura and Russian fund UCP.

(Reporting by Denis Pinchuk; Writing by Jack Stubbs; Editing by Andrew Heavens)

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