Chief Executive of the Russian oil major Rosneft Igor Sechin held talks with India’s Essar in Mumbai, Rosneft Vice President Mikhail Leontiev told TASS on Thursday.

“Negotiations were held. We had a memorandum and we are carrying on talks within its framework,” Leontiev said. A broader range of questions was discussed during the meeting, he added.

Rosneft and Essar shareholders signed a term sheet on Russian company’s accession to the share capital of Vadinar Refinery with the stake up to 49%. Vadinar Refinery is the second largest oil refinery in India and is among top twenty largest refineries across the globe. The refinery can process heavy oil blends and has an access to a deep-water port.