Trafigura has sold its 24.5 percent stake in Russia-backed Indian refiner Nayara Energy to a Rome-based energy investment group, following on from a deal on Monday where a group of firms backed by the 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.
Reuters reported in 2021 that Trafigura 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.
Rosneft owns a 49.13 percent stake in Nayara. A similar-sized holding was split between Trafigura and Cyprus-based Russian investment group United Capital Partners.
"UCP remains committed to its investment in Nayara Energy and believes in its future growth opportunities," Trafigura's statement said, citing Irina Lanina, Managing Director of UCP Investment Group.
Nayara operates a 400,000 barrels per day Vadinar refinery in western Gujarat state and a fleet of 6,000 retail fuel stations. It is also building a 450,000 tonnes-a-year polypropylene plant.
Mareterra Group, an energy investment firm that focuses on energy and carbon efficiency infrastructure, is active in France, Italy, Luxembourg, and Spain and wants to expand its reach in regions outside Europe, the statement said.
"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," it said.
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