INDIAN refiner Nayara Energy has completed a long-term pre-payment agreement with BP and Trafigura for £573 million, the company said yesterday (1).
The latest agreement is backed by a consortium of international lenders, will see the two business giants repaid with future gasoline and gasoil over the next four years.
Russian backed Nayara, formerly Essar Oil, was acquired by a consortium led by the Russian energy company, Rosneft two years ago.
The Russian business owns 49.13 per cent of Nayara, while Moscow based UCP Investment Group and Trafigura together own a similar stake in Indian refiner.
With the acquisition of Indian oil firm, Russian businesses took the control of a crude oil refinery in country’s western state of Gujarat as well as a port, power plant, and 3, 500 fuel stations for £9.96 billion.
Trafigura Group is a global commodity trading company headquartered in Amsterdam.