Trafigura Group Pte Ltd has sold a 24.5% indirect minority stake in Indian oil refiner Nayara Energy Limited.
Photo: Nayara Energy
According to Trafigura, the buyer was Hara Capital Sarl (a 100% subsidiary of Mareterra Group Holding, formerly Genera Group Holding SpA).
An SPV investment consortium, Kesani Enterprises Company Limited, which includes Trafigura and UCP Investment Group, acquired a 49.13% stake in Essar Oil Limited from Essar Energy Holdings in August 2017, which was then renamed Nayara Energy Limited.
The Indian asset includes a refinery in the city of Vadinar with a capacity of 20 million tons per year with a refining depth of 95.5%, which is the second largest in the country, as well as a deep-water port capable of receiving ultra-large tankers of the VLCC class, and one of India’s largest retail gas station networks (more than 6 thousand stations).
At the same time, Rosneft acquired 49.13% in Essar Oil Limited.
“UCP remains committed to its investment in Nayara Energy and believes in future growth opportunities. We expect Mareterra Group to support Nayara in the next stage of development, including the successful implementation of the company’s initiatives in the transition to clean energy, in petrochemical expansion and technological innovation,” said Irina Lanina, Managing Director of UCP Investment Group.
“Vostok Oil”
Earlier, Trafigura announced its intention to exit the Vostok Oil megaproject, which is being implemented by Rosneft. “The group has frozen its investments in Russia and announced a review of its ten percent … stake in the project with the intention of exiting it,” the company said in a report. The document specifically emphasized that Trafigura will continue to comply fully with all applicable subsequent sanctions packages.
Recall that the Singaporean oil trader Trafigura acquired 10% in Vostok Oil in 2020. The deal was valued at 7 billion euros. Rosneft sold another 5% in 2021 to a consortium of Vitol and Mercantile & Maritime Energy, the transaction value was 3.5 billion euros.
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