Russian oil major Rosneft has signed a preliminary agreement with the Essar group, controlled by the Ruias, to buy a 49 per cent stake in Essar Oil’s Vadinar refinery and supply 100 million tonnes of oil to the latter for the next 10 years. Refining accounts for over 95 per cent of Essar Oil’s overall business. The deal is subject to regulatory approvals.( Business Standard)…[+]