Trafigura

The missing nickel is a blow for the company that has grown rapidly in the past decade to become one of the world's largest trading houses

Oil trader Trafigura has agreed to sell its 24.5 per cent indirect stake in Nayara Energy to Italy's Genera Group, the company said Wednesday. The company, however, 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. Nayara Energy 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.

The company said the remuneration proposed to be paid to the independent directors is comparable with the remuneration being paid for similar assignments in the industry

Nayara's shareholders include Russian energy major Rosneft and a consortium led by Trafigura and UCP

"With the war, the chances of a Western company buying a stake in Nayara looks difficult. They may have to look for Indian equity partners," said a banker.

NEW DELHI/SINGAPORE (Reuters) - 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.

The refinery has annual crude oil throughput of 20 million tonnes, importing it from various regions

The terminal at Port Qasim in Karachi will include a floating storage regasification unit

Trafigura could also get a stake in Essar's more than 2,000 retail fuel stations, a power plant, and the Vadinar port