Trafigura pulls out of JV with Rosneft in India
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Singapore Trader Trafigura informedthat he sold his 24.5% stake in the Indian Nayara Energy, a joint venture with Rosneft. This share was bought by Hara Capital Sarl, a subsidiary of the Italian Mareterra Group Holding (formerly Genera Group Holding SpA). The amount of the transaction is not given.
Nayara Energy includes a refinery in Vadinar with a capacity of 20 million tons of oil, a port and a retail business (about 4.8 thousand gas stations). In 2017, Trafigura’s participation in the acquisition of Nayara Energy allowed “Rosneft” to become the largest shareholder of this company with a share of 49.13%.
In August Reuters reportedthat leading traders and banks have cut ties with an Indian refinery over ties to Russia. Among those who refused to cooperate were manufacturers from Canada, Latin America and Europe who were afraid of falling under sanctions. In November became known about Trafigura’s plans to withdraw from the joint venture with Rosneft in India.
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