Trafigura announces an exit from Nayara Energy and stake acquired by Italy’s Genera Group

Oil trader Trafigura has sold its 24.5 percent indirect stake in Russia-backed Indian refiner Nayara Energy to Rome-based energy investment group named as Italy’s Genera Group following on from a deal on Monday where a group of firms backed by the commodity trading company agreed to buy Lukoil’s Italian refinery. Trafigura said it had completed the sale of its “indirect minority interest” in Nayara Energy to Hara Capital Sarl, a wholly-owned subsidiary of Mareterra Group Holding formerly known as Genera Group Holding.

However, the company did not disclose the financial details of the transaction. The Italian group will acquire the stake via a special-purpose vehicle, Hara Capital Sarl, incorporated in Luxembourg.

According to some sources, it was reported in 2021 that the global commodity trader was looking to sell its stake in the Indian oil refining joint venture with Russia’s Rosneft to an Italian Group Genera. It is unclear how much Trafigura’s stake in Nayara, formerly known as Essar Oil, is worth now.

Nayara Energy operates a 400,000 barrels per day Vadinar refinery in western Gujarat state and also owns India’s third largest refinery, a port, and a network of more than 6,500 petrol pumps across the country. The firm is majority owned by Russia’s Rosneft. Rosneft owns a 49.13% stake in Nayara. A similar-sized holding was split between Trafigura and Cyprus-based Russian investment group United Capital Partners (UCP).

Trafigura and UCP had 49.84% stake each in Singapore-based Tendril Ventures Pte Ltd, whose Cyprus-registered parent company owns a 49.13% stake in Nayara Energy. Trafigura’s equity investment in Tendril was worth about $166 million, according to its 2022 annual report.

It is also assumed by predictors that as a new shareholder in Nayara Energy, it will bring its strong experience in reducing the carbon footprint of fuel stations, installing electric charging stations, and improving energy efficiency at industrial assets.

#Italy #Hara Capital Sarl #Trafigura #Rosneft #India #Russia #Nayara Energy #Genera Group

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