Russia's Rosneft CEO says takeover of India's Essar is closed

SOCHI, Russia  - The takeover of India's Essar Oil by Russia's largest oil producer Rosneft can be now considered as closed, Rosneft CEO Igor Sechin told a shareholders' meeting on Thursday.

The deal, where Rosneft will hold a 49 percent stake, will allow the Russian company to increase oil refining output by 20 percent this year, he said.

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Russia can take lead in Make in India for defence: Arun Jaitley

Russian companies which have had a long experience in working with India can take a lead role in participating in the Make in India programme, Indian Defence Minister Arun Jaitley said on Wednesday.

"We have initiated a series of policy and procedural changes to facilitate tie-ups, including joint ventures and technology partnerships between Indian and foreign companies. Russian

Russia's Novak says no plans for meeting with OPEC

MOSCOW - Russian Energy Minister Alexander Novak said on Tuesday that there are no plans for Russia to have an extraordinary meeting with the Organisation of the Petroleum Exporting Countries and U.S. shale producers.

He also said he did not believe that a monitoring committee of OPEC and non-OPEC oil producers due to take place next month in Russia could be expanded

Russia's VTB CEO says knew nothing about Trump and Deutsche Bank ties

LONDON  - Chief Executive Officer of Russia's VTB bank Andrei Kostin told reporters on Tuesday he was not aware about any connections between U.S. President Donald Trump and Deutsche Bank.

"It's the first time that I hear there is a connection between them," he said.

Several Democrats on the U.S. House Financial Services Committee sent a letter last mo

Arun Jaitley to leave for 3-day visit to Russia

The Minister of Defence, Finance and Corporate Affairs Arun Jaitley, accompanied with a high level Indian delegation, will leave for three day visit to Russia today, to attend two meetings with the Government of the Russian Federation.

“On June 21, Jaitley will co-chair the first meeting of the India-Russia High Level Committee on Science & Technology with the Deputy Prime M

Russian oil major Rosneft to tap Indian retail fuel market : Dharmendra Pradhan

Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Sunday said the Russian oil major Rosneft plans to tap the retail fuel market in India in a big way.

"The Russian oil major who took over Essar Oil recently is planning in a big way to make inroads into India's retail fuel market," Pradhan told reporters after attending the City Gas Distribution (CGD) project

Russia media group that angered Kremlin is sold

By Svetlana Reiter and Anastasia Lyrchikova

MOSCOW  - A Russian media group which angered some in the Kremlin by reporting on the business interests of people close to President Vladimir Putin was sold on Friday to the owner of a tabloid that is deferential to the Russian leader.

Businessman Grigory Berezkin's ESN group said in a statement it has ac

EXCLUSIVE: Rosneft, partners to invest over $8 billion in Russia's offshore energy sector

By Olesya Astakhova

MOSCOW - Rosneft and its partners plan to invest 480 billion roubles ($8.4 billion) in developing Russia's offshore energy industry in the next five years, part of a bid to boost output from new areas, the Russian oil major told Reuters.

Most Russian oil output comes from western Siberia, where fields are depleting, pushing firms

World's first 'aeroboat' made by Indo-Russian JV unveiled

The world's first hybrid "aeroboat" capable of travelling on land, water, snow and sand that has been built by an Indo-Russian joint venture was unveiled in Moscow on Tuesday at a start-ups event organised by Russia's state-run Skolkovo Foundation.

The aeroboat is designed to access difficult terrain, such as flooded or marshy areas where the use of regular boats is

Declare offshore wealth? Russia tycoons would rather ship themselves off shore

By Polina Devitt

MOSCOW  - Some of Russia's super-rich have given up residency to escape a 2014 law requiring them to disclose offshore assets, wealthy businessmen told Reuters, a practice that could keep billions of dollars hidden from Moscow's tax authorities.

Interviews with more than a dozen people familiar with the practice -- includin

Russia`s VTB head says all creditors have approved Rosneft-Essar deal

ST PETERSBURG, Russia - All creditors of India's Essar Oil have given their consent for the company's takeover by Russian oil major Rosneft, the head of Russia's VTB bank said on Saturday.

Andrei Kostin, whose bank is acting as advisor on the $12.9 billion acquisition, also said the deal would be closed this month, echoing comments made by the head of

Putin leaves Russians guessing on economic reform plan

By Darya Korsunskaya and Andrey Ostroukh

ST PETERSBURG, Russia  - Russia's leading economic thinkers say the country needs bold action to avoid stagnation. After President Vladimir Putin set out his ideas for the economy in a keynote speech on Friday, they are still waiting to hear what that action will be.

Addressing the St Petersburg International

Russia may bid to host 2028 Olympics

 Russia may bid for hosting the 2028 Summer Olympic Games, Russian Olympic Committee (ROC) President Alexander Zhukov has said.

"Potentially, Russia may hold the 2028 Summer Olympic Games. The event can be hosted not only by Moscow and St. Petersburg but also by Kazan and Sochi. This does not mean that bids will be submitted tomorrow but Russia has proved by hosting the

GJEPC inks pact with ALROSA to increase ties in diamond sector

Gem & Jewellery Export Promotion Council (GJEPC) and Russia's largest diamond mining company PJSC ALROSA signed an agreement to enhance cooperation in the sector, reported PTI.

The Memorandum of Co-operation (MoC) was inked in the presence of Prime Minister Narendra Modi and Russian President Vladimir Putin in St Petersburg. The MoC covers areas like trade development, generic

Rosneft`s Sechin: U.S. oil output may erase gains of global cuts deal

ST PETERSBURG, Russia  - Oil producers in the United States could add up to 1.5 million barrels per day to world oil output next year, erasing any gains from a global oil output cut deal, Igor Sechin, the CEO of Russia's largest oil producer Rosneft, said on Friday.

Sechin said the resilience of Russia's oil industry had however been seriously underestima

India, Russia mark 70 years of diplomatic ties, sign St Petersburg Declaration

Celebrating the 70th anniversary of the establishment of diplomatic relations between India and Russia, Prime Minister Narendra Modi and Russian President Vladimir Putin on Thursday signed the St Petersburg Declaration, unveiling an action plan to boost the mutual trust between two great powers.

“Our relationship covers all areas of cooperation, including in the spheres of polit

SREI says to ink $500 million venture with Russia`s VEB

ST PETERSBURG, Russia  - India's SREI Infrastructure Finance hopes to sign a $500 million joint venture this week with Russian state lender VEB to finance exports of equipment to India, managing director Hemant Kanoria said on Thursday.

Kanoria was speaking to Reuters on the sidelines of the St Petersburg economic forum where Russian and foreign businessmen g

'Axis of love': Saudi-Russia detente heralds new oil order

By Dmitry Zhdannikov and Vladimir Soldatkin

MOSCOW - A meeting between the two men who run Russia and Saudi Arabia's oil empires spoke volumes about the new relationship between the energy superpowers.

It was the first time that Rosneft boss Igor Sechin and Saudi Aramco chief Amin Nasser had held a formal, scheduled meeting - going beyond the numerous ti

EXCLUSIVE: Wannacry hits Russian postal service, exposes wider security shortcomings

By Jack Stubbs

MOSCOW- Russia's postal service was hit by Wannacry ransomware last week and some of its computers are still down, three employees in Moscow said, the latest sign of weaknesses that have made the country a major victim of the global extortion campaign.

Wannacry compromised the post office's automated queue management system, infecting

Wall Street ends off session highs after fresh Russia probe reports

By Sinead Carew

NEW YORK  U.S. stocks rose but closed below their session highs on renewed concerns about Donald Trump's presidency, after two new reports related to a federal investigation into possible coordination between Russia and Trump's election campaign.

A senior White House adviser is a significant person of interest in the law enforcem

U.S. stocks pare gains after fresh reports on Washington Russia probe

By Sinead Carew

NEW YORK   U.S. stocks pared gains in late afternoon trading after two reports related to an investigation into possible coordination between Russia and the election campaign of U.S. President Donald Trump.

A current White House official is a significant person of interest in the law enforcement investigation, the Washington Post re

Jack Huang appointed Alibaba Mobile Business Group President

Alibaba Digital Media and Entertainment Group on Friday announced that Jack Huang, President of Overseas Business of Alibaba Mobile Business Group has been elevated as the group's President.

"The recent restructuring in leadership team is a step forward for the group to embrace the challenges and opportunities that lie ahead for us in strategic markets such as India, Indonesi

Oil slips on rising US crude inventories

Despite efforts by top producers Saudi Arabia and Russia to extend output cuts, crude oil futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the energy commodity after data showed an increase in the US crude inventories.

According to the American Petroleum Institute (API) data showed on Tuesday,

Oil jumps as Saudi Arabia, Russia back output cut extension to March 2018

Crude oil futures jumped over 2 per cent during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the energy commodity after Saudi Arabia and Russia supported crude output cut would be extended till March 2018.

Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak said on Monday in Beijing, quoted Reut

Rosneft ready to comply with extension of oil output cut deal - RIA

MOSCOW  Russia's biggest oil company, Rosneft, stands ready to comply with any decision to extend a global deal on oil output cuts, RIA news agency quoted Rosneft Chief Executive Igor Sechin as saying on Monday.

Rosneft played a role in preparing a joint statement by the governments of Russia and Saudi Arabia in which they said they supported extending t