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Title: Trafigura plans to exit Rosneft Indian refining JV -sources
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Trafigura plans to exit Rosneft Indian refining JV -sources

[Image: 2021-11-16t172205z_3_lynxmpehaf0we_rtrop...k=CWW2ZILz]

Trafigura is preparing to sell its 24.5per cent 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.

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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 49.84per cent 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.

Trafigura declined to comment. Genera did not respond to Reuters emails and messages seeking comment. Nayara said it could not comment on the actions of its shareholders.

It is unclear how much Trafigura's stake in Nayara, formerly known as Essar Oil, is worth.

Nayara, which owns the 400,000 barrels-per-day (bpd) Vadinar refinery plant in the western Indian state of Gujarat, changed hands for nearly US$13 billion in 2017, so the Trafigura stake then would have been worth more than US$3 billion.


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