Russia Monitor is a review of the most important events related to Russian internal and external security, as well as its foreign policies.
Date: 20 January 2023 Author: Grzegorz Kuczyński
Trafigura Sells Stake In Indian Refinery
Trafigura has sold its stake in an Indian oil refinery joint venture with Russia’s Rosneft. Earlier, Trafigura had sold its stake in Russia’s giant Vostok Oil project. Meanwhile, it continues to take European assets of Russian oil companies.
Trafigura’s equity investment in Indian refinery Vadinar, which processes 20 million tons of oil each year, was worth about $166 million. Nayara Energy Limited operates one of the largest refineries in India and more than 6,000 petrol stations. Rosneft and Kesani Enterprises each have a 49.13 share in the refinery. Trafigura and Russia’s United Capital Partners hold each a 49.6 percent stake in the company––the latter is run by Ilya Shcherbovich, a Russian businessman having links to the Kremlin. Trafigura has sold its 24.5 percent stake in Nayara Energy to Rome-based Hara Capital Sarl, a subsidiary of Italy’s Mareterra Group Holding owned by Swiss-based Susi Partners. Trafigura has said it no longer trades Rosneft crude or refined products and sold its stake in Russia’s giant oil project Vostok Oil. Yet Russia’s Lukoil has agreed to sell its Italian refinery, ISAB, to a Cypriot private equity firm G.O.I. Energy and Trafigura itself. They paid about €1.4 billion to acquire the facility that can process roughly 355,000 barrels of oil a day. The deal will allow the plant to avoid nationalization or closure after EU sanctions cut it off from Russian oil supplies. GOI is an arm of Argus New Energy Group, a private equity fund primarily backed by Israeli investor. Swiss-based Vitol and U.S.-based Crossbridge Energy Partners had been in on-off talks with Lukoil for several months. The Israelis behind the deal have been involved in many deals in Russia and in cooperation with Russian businesses.
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