Russia’s UCP says plans to keep Essar Oil stake for 3-5 years – Feedback

Russian private investment group United Capital Partners (UCP), which agreed to buy a stake in India’s Essar Oil, plans to keep a stake in the company for the next 3-5 years, UCP representative Irina Lanina told Reuters.

UCP and its partner Trafigura signed an agreement on Saturday to buy a 49 percent stake in Essar Oil, which includes a 400,000 barrels per day (bpd) refinery, import and export facilities, and gas stations. In written replies to Reuters questions, Lanina said that UCP is sticking to long-term strategy regarding its stake in Essar Oil but “everything depends on the market situation and the asset’s valuation.” “We plan to make this investment in a consortium with our partner Trafigura and are likely to exit together with them as well. As of now, we are looking at (remaining in Essar) for 3-5 years but time will show,” Lanina said.

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