OIL & GAS

Trafigura plans to exit Rosneft Indian refining JV -sources

Trafigura is preparing to sell its 24.5% indirect stake in an Indian oil refining joint venture with Russia’s Rosneft to an Italian group, a letter seen by Reuters shows and people familiar with the commodity trading firm’s plans said.

Trafigura holds the stake in Nayara Energy, which owns India’s third largest refinery, a port and a network of more than 6,000 fuel stations across India, indirectly through a 49.84% holding in Singapore-based Tendril Ventures Pte Ltd.

It plans to sell the Nayara stake to Italy’s Genera Group Holding S.P.A, people familiar with the matter said, without giving detail on what had prompted Trafigura to sell.

“We have been informed that Trafigura proposes to sell its shareholding in Tendril to a third party; being Genera Group Holding S.P.A.,” Nayara’s chief executive Alois Virag wrote in a letter to its lenders earlier this month.

Source
Reuters
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